ZIFF DAVIS, INC., 10-Q filed on 8/7/2025
Quarterly Report
v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2025
Aug. 01, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 0-25965  
Entity Registrant Name ZIFF DAVIS, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 47-1053457  
Entity Address, Address Line One 360 Park Avenue S,  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10010  
City Area Code 212  
Local Phone Number 503-3500  
Title of 12(b) Security Common Stock, $0.01 par value  
Trading Symbol ZD  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   41,002,903
Entity Central Index Key 0001084048  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
ASSETS    
Cash and cash equivalents $ 457,259 $ 505,880
Accounts receivable, net of allowances of $7,919 and $8,148, respectively 523,008 660,223
Prepaid expenses and other current assets 122,204 105,966
Total current assets 1,102,471 1,272,069
Long-term investments 139,812 158,187
Property and equipment, net of accumulated depreciation of $419,265 and $361,710, respectively 204,243 197,216
Intangible assets, net 397,626 425,749
Goodwill 1,619,482 1,580,258
Deferred income taxes 7,510 7,487
Other assets 48,266 63,368
TOTAL ASSETS 3,519,410 3,704,334
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Accounts payable and accrued expenses 474,189 670,769
Income taxes payable, current 0 19,715
Deferred revenue, current 208,843 199,664
Other current liabilities 9,807 9,499
Total current liabilities 692,839 899,647
Long-term debt 865,380 864,282
Deferred revenue, noncurrent 5,522 5,504
Liability for uncertain tax positions 31,298 30,296
Deferred income taxes 39,827 46,018
Other noncurrent liabilities 41,885 47,705
TOTAL LIABILITIES 1,676,751 1,893,452
Commitments and contingencies (Note 8)
Preferred stock 0 0
Common stock, $0.01 par value. Authorized 95,000,000; total issued and outstanding 41,168,057 and 42,848,339 shares at June 30, 2025 and December 31, 2024, respectively 412 428
Additional paid-in capital 484,498 491,891
Retained earnings 1,409,468 1,401,034
Accumulated other comprehensive loss (51,719) (82,471)
TOTAL STOCKHOLDERS’ EQUITY 1,842,659 1,810,882
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 3,519,410 3,704,334
Series A Preferred Stock    
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Preferred stock 0 0
Series B Preferred Stock    
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Preferred stock $ 0 $ 0
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Allowance for doubtful accounts $ 7,919 $ 8,148
Accumulated depreciation $ 419,265 $ 361,710
Preferred stock, par value (in usd per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 1,000,000 1,000,000
Preferred stock, shares issued (in shares) 0 0
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 95,000,000 95,000,000
Common stock, shares issued (in shares) 41,168,057 42,848,339
Common stock, shares outstanding (in shares) 41,168,057 42,848,339
Series A Preferred Stock    
Preferred stock, par value (in usd per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 6,000 6,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Series B Preferred Stock    
Preferred stock, par value (in usd per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 20,000 20,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Total revenues $ 352,209 $ 320,800 $ 680,845 $ 635,285
Operating costs and expenses:        
Direct costs 48,974 50,024 96,182 95,911
Sales and marketing 141,598 124,766 269,278 241,766
Research, development, and engineering 16,478 16,795 32,354 34,569
General, administrative, and other related costs 54,070 48,505 100,980 98,015
Depreciation and amortization 57,606 52,141 113,438 100,594
Total operating costs and expenses 318,726 292,231 612,232 570,855
Income from operations 33,483 28,569 68,613 64,430
Interest expense, net (6,523) (1,804) (12,654) (3,573)
Loss on sale of businesses 0 0 0 (3,780)
Gain (loss) on investments, net 4,340 3,051 4,340 (7,654)
Other (loss) income, net (5,786) 5,267 (8,589) 5,163
Income before income tax expense and income from equity method investment 25,514 35,083 51,710 54,586
Income tax expense (4,286) (6,990) (12,873) (15,221)
Income from equity method investment, net of tax 5,115 8,817 11,745 8,172
Net income $ 26,343 $ 36,910 $ 50,582 $ 47,537
Net income per common share:        
Basic (in dollars per share) $ 0.63 $ 0.81 $ 1.20 $ 1.04
Diluted (in dollars per share) $ 0.62 $ 0.77 $ 1.19 $ 1.02
Weighted average shares outstanding:        
Basic (in shares) 41,732,800 45,492,809 42,143,165 45,676,726
Diluted (in shares) 43,148,504 50,665,112 43,655,507 50,889,579
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 26,343 $ 36,910 $ 50,582 $ 47,537
Other comprehensive income (loss), net of tax:        
Foreign currency translation adjustment 18,782 (463) 30,193 (6,993)
Change in fair value on available-for-sale investments, net of tax expense of $99 and tax benefit of $102 for the three months ended June 30, 2025 and 2024, respectively, and tax expense of $187 and tax benefit of $83 for the six months ended June 30, 2025 and 2024, respectively 279 341 559 278
Other comprehensive income (loss), net of tax 19,061 (122) 30,752 (6,715)
Comprehensive income $ 45,404 $ 36,788 $ 81,334 $ 40,822
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Change in fair value on available-for-sale investments, net of tax expense (benefit) $ 99 $ (102) $ 187 $ (83)
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Cash flows from operating activities:          
Net income $ 26,343 $ 36,910 $ 50,582 $ 47,537  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization     113,438 100,594  
Non-cash operating lease costs     4,325 5,538  
Share-based compensation     21,479 20,472  
Provision for credit losses on accounts receivable     1,012 1,336  
Deferred income taxes, net     (7,320) (7,869)  
Loss on sale of businesses 0 0 0 3,780  
Changes in fair value of contingent consideration     (2,318) 0  
Income from equity method investments, net     (11,745) (8,172)  
Gain (loss) on investments, net (4,340) (3,051) (4,340) 7,654  
Other     1,701 1,779  
Decrease (increase) in:          
Accounts receivable     147,417 44,215  
Prepaid expenses and other current assets     (523) (9,138)  
Other assets     1,900 (375)  
Increase (decrease) in:          
Accounts payable     (231,065) (80,548)  
Deferred revenue     464 13,108  
Accrued liabilities and other current liabilities     (7,320) (13,789)  
Net cash provided by operating activities     77,687 126,122  
Cash flows from investing activities:          
Purchases of property and equipment     (55,752) (53,633)  
Acquisitions, net of cash received     (50,345) (56,698)  
Distribution from equity method investment     9,196 0  
Proceeds from sale of equity investments     25,250 19,455  
Proceeds from sale of businesses, net of cash divested     0 7,860  
Other     51 (124)  
Net cash used in investing activities     (71,600) (83,140)  
Cash flows from financing activities:          
Repurchase of common stock     (68,834) (87,928)  
Issuance of common stock under employee stock purchase plan     3,751 4,525  
Deferred payments for acquisitions     (213) (7,417)  
Other     (1,592) (940)  
Net cash used in financing activities     (66,888) (91,760)  
Effect of exchange rate changes on cash and cash equivalents     12,180 (1,600)  
Net change in cash and cash equivalents     (48,621) (50,378)  
Cash and cash equivalents at beginning of period     505,880 737,612 $ 737,612
Cash and cash equivalents at end of period $ 457,259 $ 687,234 $ 457,259 $ 687,234 $ 505,880
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Beginning balance (in shares) at Dec. 31, 2023   46,078,464      
Beginning balance at Dec. 31, 2023 $ 1,892,998 $ 461 $ 472,201 $ 1,491,956 $ (71,620)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 47,537     47,537  
Other comprehensive income (loss), net of tax expense (benefit) (6,715)       (6,715)
Issuance of restricted stock, net (in shares)   69,269      
Issuance of restricted stock, net (3,838)   (5,252) 1,414  
Issuance of shares under employee stock purchase plan (in shares)   92,589      
Issuance of shares under employee stock purchase plan 4,525 $ 1 4,524    
Repurchase and retirement of common stock (in shares)   (1,500,000)      
Repurchase and retirement of common stock (84,910) $ (15) (15,723) (69,172)  
Share-based compensation 20,472   20,472    
Other, net (182)   10 (192)  
Ending balance (in shares) at Jun. 30, 2024   44,740,322      
Ending balance at Jun. 30, 2024 1,869,887 $ 447 476,232 1,471,543 (78,335)
Beginning balance (in shares) at Mar. 31, 2024   46,134,708      
Beginning balance at Mar. 31, 2024 1,902,012 $ 461 475,926 1,503,838 (78,213)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 36,910     36,910  
Other comprehensive income (loss), net of tax expense (benefit) (122)       (122)
Issuance of restricted stock, net (in shares)   13,025      
Issuance of restricted stock, net 85   (100) 185  
Issuance of shares under employee stock purchase plan (in shares)   92,589      
Issuance of shares under employee stock purchase plan 4,525 $ 1 4,524    
Repurchase and retirement of common stock (in shares)   (1,500,000)      
Repurchase and retirement of common stock (84,910) $ (15) (15,723) (69,172)  
Share-based compensation 11,600   11,600    
Other, net (213)   5 (218)  
Ending balance (in shares) at Jun. 30, 2024   44,740,322      
Ending balance at Jun. 30, 2024 $ 1,869,887 $ 447 476,232 1,471,543 (78,335)
Beginning balance (in shares) at Dec. 31, 2024 42,848,339 42,848,339      
Beginning balance at Dec. 31, 2024 $ 1,810,882 $ 428 491,891 1,401,034 (82,471)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 50,582     50,582  
Other comprehensive income (loss), net of tax expense (benefit) 30,752       30,752
Issuance of restricted stock, net (in shares)   163,769      
Issuance of restricted stock, net (4,424) $ 2 (8,049) 3,623  
Issuance of shares under employee stock purchase plan (in shares)   133,956      
Issuance of shares under employee stock purchase plan 3,750 $ 1 3,749    
Repurchase and retirement of common stock (in shares) [1]   (1,978,007)      
Repurchase and retirement of common stock [1] (70,571) $ (19) (24,583) (45,969)  
Share-based compensation 21,479   21,479    
Other, net $ 209   11 198  
Ending balance (in shares) at Jun. 30, 2025 41,168,057 41,168,057      
Ending balance at Jun. 30, 2025 $ 1,842,659 $ 412 484,498 1,409,468 (51,719)
Beginning balance (in shares) at Mar. 31, 2025   42,230,734      
Beginning balance at Mar. 31, 2025 1,821,365 $ 422 485,008 1,406,715 (70,780)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 26,343     26,343  
Other comprehensive income (loss), net of tax expense (benefit) 19,061       19,061
Issuance of restricted stock, net (in shares)   31,374      
Issuance of restricted stock, net (121) $ 1 (217) 95  
Issuance of shares under employee stock purchase plan (in shares)   133,956      
Issuance of shares under employee stock purchase plan 3,750 $ 1 3,749    
Repurchase and retirement of common stock (in shares) [2]   (1,228,007)      
Repurchase and retirement of common stock [2] (39,668) $ (12) (15,890) (23,766)  
Share-based compensation 11,727   11,727    
Other, net $ 202   121 81  
Ending balance (in shares) at Jun. 30, 2025 41,168,057 41,168,057      
Ending balance at Jun. 30, 2025 $ 1,842,659 $ 412 $ 484,498 $ 1,409,468 $ (51,719)
[1] Includes 143,161 shares received in connection with sale of our minority equity ownership interest in OpenEvidence during the three months ended June 30, 2025.
[2] Includes 143,161 shares received in connection with sale of our minority equity ownership interest in OpenEvidence (formerly know as Xyla, Inc. (“Xyla”)) during the three months ended June 30, 2025.
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Apr. 24, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Stockholders' Equity [Abstract]          
Tax expense (benefit)   $ (99) $ 102 $ (187) $ 83
Shares repurchased under the program (in shares) 143,161 143,161      
v3.25.2
Basis of Presentation and Overview
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Overview Basis of Presentation and Overview
The accompanying Condensed Consolidated Financial Statements of Ziff Davis, Inc. and its direct and indirect wholly-owned subsidiaries (“Ziff Davis”, the “Company”, “our”, “us”, or “we”), were prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), and all adjustments considered necessary for a fair presentation have been included. All intercompany accounts and transactions have been eliminated in consolidation.
The accompanying interim Condensed Consolidated Financial Statements have been prepared in accordance with instructions for Form 10-Q and Article 10 of Regulation S-X issued by the Securities and Exchange Commission (“SEC”). The preparation of these Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements, as well as the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. All normal recurring adjustments necessary for a fair presentation of these interim Condensed Consolidated Financial Statements were made.
This Quarterly Report on Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 25, 2025 and other filings with the SEC.
The results of operations for this interim period are not necessarily indicative of the operating results that may be expected for the full year or for any future period.
Description of Business
Ziff Davis is a vertically focused digital media and internet company whose portfolio includes leading brands in technology, shopping, gaming and entertainment, health and wellness, connectivity, cybersecurity, and martech. Our business specializes in the technology, shopping, gaming and entertainment, healthcare, and connectivity markets, offering content, tools, and services to consumers and businesses, and provides internet-delivered cloud-based services to consumers and businesses including cybersecurity, privacy, and marketing technology.
Reclassifications
Certain prior year reported amounts have been reclassified to conform to the 2025 presentation. For the three and six months ended June 30, 2024, the Company reclassified depreciation of $2.6 million and $3.7 million, respectively, and amortization of $49.6 million and $96.8 million, respectively from ‘Direct costs’ and ‘General, administrative, and other related costs’, respectively, to ‘Depreciation and amortization’ to conform with current period presentation.
Significant Accounting Policies
The significant accounting policies followed by the Company are set forth in Note 1 to the Company's consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2024. For the six months ended June 30, 2025, there have been no new or material changes to the significant accounting policies discussed in the Company’s Form 10-K for the fiscal year ended December 31, 2024.
Accounts Receivable, net
Accounts receivable, net consisted of the following (in thousands):
June 30, 2025December 31, 2024
Settlement receivables, net$231,001 $296,553 
Trade receivables, net276,291 349,120 
Other receivables15,716 14,550 
Accounts receivable, net$523,008 $660,223 
Settlement receivables, net represent amounts due from third parties that are collected by the Company and passed through to our customers, net of a fee earned by the Company, related to services provided in the facilitation of gift card processing and program management.
Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consisted of the following (in thousands):
June 30, 2025December 31, 2024
Accounts payable$140,398 $164,352 
Settlement payables, net257,069 408,747 
Accrued employee related costs29,000 55,800 
Other accrued liabilities47,722 41,870 
Accounts payable and accrued expenses$474,189 $670,769 
Settlement payables, net represent amounts owed to our customers related to services provided in the facilitation of gift card processing and program management whereby, as part of our services we collect from third-parties and pass through payment to our customers, net of a fee earned by the Company.
Recent Accounting Pronouncements
Recently issued applicable accounting pronouncements not yet adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in the update require public business entities on an annual basis to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold of equal to or greater than 5% of the amount computed by multiplying pretax income by statutory income tax rate. The amendments also require that entities disclose on an annual basis information about the amount of income taxes paid disaggregated by federal, state, and foreign taxes and the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than 5% of total income taxes paid. The amendments eliminate some of the previously required disclosures for all entities relating to estimates of the change in unrecognized tax benefits reasonably possible within twelve months. The amendments in this update are effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is permitted. This update will result in the required additional disclosures being included in our consolidated financial statements, once adopted.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expenses Disaggregation Disclosure (Subtopic 220-40), which requires disaggregated disclosure of income statement expenses for public business entities. The amendments in this update do not change the expense captions an entity presents on the face of the income statement; rather, they require disaggregation of certain expense captions into specified categories, including but not limited to purchases of inventory, employee compensation, depreciation, amortization, and selling expenses. In January 2025, the FASB issued ASU 2025-01, Income Statements - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This update, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. This update will result in the required additional disclosures being included in our consolidated financial statements, once adopted.
v3.25.2
Revenues
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
The following describes the nature of the Company’s primary types of revenues.
Advertising and Performance Marketing
Advertising and performance marketing revenues are earned primarily from the delivery of advertising services and from marketing, performance marketing, and production services. Revenues from the delivery of advertising services are earned on websites and applications that are owned and operated by the Company and on those websites and applications that are part of the Company’s advertising network. Revenues are primarily earned by generating traffic to the Company’s websites, apps, and third-party platforms on which brands of the Company have a presence and monetize this traffic. The value provided to the customer is primarily derived from the provision of traffic the Company generates from its specific content within each vertical, as well as data obtained by the website or app traffic. Such revenues are generally recognized over the period in which the products or services are delivered.
The Company determines whether revenues should be reported on a gross or net basis by assessing whether the Company is acting as the principal or an agent in the transaction, respectively. The vast majority of the Company’s advertising and performance marketing revenues are recognized on a gross basis as the Company primarily acts as a “principal” as defined under ASC Topic 606, Revenue from Contracts with Customer (“ASC 606”). Revenues recognized on a gross basis are generated (i) by the Company serving online display and video advertising across its owned and operated web properties, on third-party sites, or on unaffiliated advertising networks; and (ii) through the Company’s lead-generation business. The Company records revenues on a net basis with respect to revenues paid to the Company by certain third-party advertising networks who serve online display and video advertising across the Company’s owned-and-operated web properties and certain third-party platforms. The Company also records revenues on a net basis with respect to the transfer of functional intellectual property through third-party gaming platforms and with respect to revenues earned from servicing client gift card programs.
Subscription and Licensing
Revenues from subscriptions are earned through (i) the granting of access to, or delivery of, data products or services to customers; (ii) usage-based fees, and (iii) reselling various third-party solutions, primarily through the Company’s email security line of business. Subscriptions cover video games and related content, health information, data, and other copyrighted material. Revenues are also earned from listing fees, subscriptions to online publications, and from other sources. Third-party solutions, along with the Company’s proprietary products, allow the Company to offer customers a variety of solutions to better meet the customer’s needs. Subscription revenues are primarily recognized over the contract term. Revenues related to the provision of access to historical data for certain services are recorded at the time of delivery. In instances where usage-based fees are charged, a significant portion of which are paid in advance, the Company defers the portions of monthly, quarterly, semi-annual, and annual fees collected in advance of the satisfaction of performance obligations and recognizes them in the period earned.
Licensing revenues are earned through the license of certain assets to clients. Assets are licensed for clients’ use in their own promotional materials or otherwise and may include logos, editorial reviews, or other copyrighted material that represent symbolic intellectual property, as defined in ASC 606. Revenues under such license agreements are generally recognized over the contract term. In instances when technology assets in the form of functional intellectual property are licensed to the Company’s clients, revenues from the license of these assets are recognized at a point in time.
Licensing revenues also include revenues from transactions involving the sale of perpetual software licenses, related software support, and maintenance. Revenues will be recognized when the obligations are met, either over time or at a point in time, depending on the nature of the obligation.
•Revenues from software license performance obligations are generally recognized upfront at the point in time that the software is made available to the customer for download and use.
•Revenues from related software support and maintenance are generally recognized ratably over the contractual period, because technical support, unspecified software product upgrades, maintenance releases, and patches are provided to customers on an as needed basis and they are available during the term of the support period.
The Company determines whether revenues should be reported on a gross or net basis by assessing whether the Company is acting as the principal or an agent in the transaction, respectively. The vast majority of the subscription and licensing revenues are recognized on a gross basis as the Company primarily acts as a “principal” as defined under ASC 606. The Company records revenues on a gross basis with respect to revenues generated from the resale of various third-party solutions, primarily through its email security line of business, because the Company has control of the specified good or service prior to transferring control to the customer.
Other
Other revenues primarily include those from the sale of hardware used in conjunction with software described above, online course revenues, and game publishing revenues. Hardware product and related software performance obligations, such as those relating to an operating system or firmware, are highly interdependent and interrelated and are accounted for as a bundled performance obligation. The revenues for this bundled performance obligation are generally recognized at the point in time that the hardware and software products are delivered and ownership is transferred to the customer.
The Company determines whether revenues should be reported on a gross or net basis by assessing whether the Company is acting as the principal or an agent in the transaction, respectively. The majority of the Company’s other revenues are recognized on a gross basis as the Company primarily acts as a “principal” as defined under ASC 606. The Company records revenues on a net basis with respect to games sold on third-party platforms.
Disaggregated Revenues
Revenues from external customers classified by revenue source are as follows (in thousands):
Three months ended June 30,Six months ended June 30,
2025 (1)
2024 (1)
2025 (1)
2024 (1)
Technology & Shopping
Advertising and performance marketing$78,798 $69,253 $158,274 $135,160 
Subscription and licensing2,626 1,866 4,804 3,561 
Other(648)1,448 (612)3,113 
Total Technology & Shopping revenues$80,776 $72,567 $162,466 $141,834 
Gaming & Entertainment
Advertising and performance marketing$32,251 $28,175 $56,622 $50,930 
Subscription and licensing13,965 14,806 27,611 28,691 
Other10 — 19 — 
Total Gaming & Entertainment revenues$46,226 $42,981 $84,252 $79,621 
Health & Wellness
Advertising and performance marketing$82,537 $70,367 $151,462 $134,814 
Subscription and licensing13,687 12,204 26,815 23,788 
Other3,228 3,417 6,961 7,364 
Total Health & Wellness revenues$99,452 $85,988 $185,238 $165,966 
Connectivity
Advertising and performance marketing$3,221 $2,545 $5,689 $5,514 
Subscription and licensing50,272 43,889 99,934 90,192 
Other3,913 3,847 7,603 7,723 
Total Connectivity revenues$57,406 $50,281 $113,226 $103,429 
Cybersecurity & Martech
Subscription and licensing$68,349 $68,983 $135,663 $144,435 
Other— — — — 
Total Cybersecurity & Martech revenues$68,349 $68,983 $135,663 $144,435 
Corporate$— $— $— $— 
Total Revenues$352,209 $320,800 $680,845 $635,285 
(1)Amounts presented are net of inter-segment revenues.
The Company recorded $54.8 million and $58.3 million of revenues for the three months ended June 30, 2025 and 2024, respectively, and $138.9 million and $132.4 million of revenues for the six months ended June 30, 2025 and 2024, respectively, which was previously included in the deferred revenues balance as of the beginning of each respective year.
Performance Obligations
The Company may be a party to multiple concurrent contracts with the same customers, or a party or parties related to those customers. Some of these situations may require an evaluation to determine if those arrangements should be accounted for as a single contract. The Company’s contracts with customers may include multiple performance obligations, including contracts when advertising and licensing services are sold together.
The Company determines the transaction price based on the amount to which the Company expects to be entitled in exchange for services provided. The Company includes any fixed consideration within its contracts as part of the total transaction price. The Company’s contracts occasionally contain variable consideration, such as commissions that are recognized in the period of the commissionable event. Payment terms vary by type and location of customers and the services offered. The time between invoicing and when payment is due is generally not significant. Due to the nature of the services provided, there are no obligations for returns.
Advertising and performance marketing revenues consist primarily of performance obligations that are satisfied over time, where the customer simultaneously receives and consumes the benefit of the services provided. In certain instances, the Company provides content to its advertising partners and receives a revenue share based on the terms of the agreement. Revenues are recognized based on delivery of services over the contract period for advertising. The Company believes that the methods described are a faithful depiction of the transfer of goods and services. Depending on individual contracts with customers, revenues from advertising and performance marketing revenues are recognized over time as distinct performance obligations are satisfied, including when:
•Online display and video advertising in form of impressions, video views and other means is placed for viewing on the Company’s owned-and-operated properties and on third-party sites.
•Commissions are earned upon the sale of an advertised product.
•Qualified sales leads are delivered.
•Visitor “clicks through” an advertisement.
Subscription and licensing revenues are earned from (i) subscription services with performance obligations that are satisfied over time; and (ii) licensing arrangements that have standalone functionality with performance obligations satisfied at a point in time, where the customer simultaneously receives and consumes the benefit of the services provided regardless of whether the customer uses the services. The Company believes that the methods described are a faithful depiction of the transfer of goods and services. Depending on the individual contracts with the customer, revenues for subscription and licensing services are recognized over the contract period as distinct performance obligations are satisfied, including when:
•Voice, email marketing, and search engine optimization as services are delivered.
•Consumer privacy services and data backup capabilities are provided.
•Security solutions, including email and endpoint, are provided.
•Access is granted to data products and services.
•Continuing access to the content on our websites and apps is provided.
The Company has concluded the best measure of progress toward the complete satisfaction of the performance obligation delivered over the time is a time-based measure. The Company recognizes revenues on a straight-line basis throughout the subscription period, or as usage occurs, or when functional intellectual property is delivered for services outside of the subscription.
Other revenues consist primarily of performance obligations that are satisfied at a point in time at which control for goods and services is transferred to a customer. The Company believes that the methods described are a faithful depiction of the transfer of goods and services.
Transaction Price Allocation to Future Performance Obligations
As of June 30, 2025, the aggregate amount of transaction price that is allocated to future performance obligations was approximately $81.9 million and is expected to be recognized as follows: 38% by December 31, 2025, 41% by December 31, 2026, and 21% thereafter. The amount disclosed does not include revenues related to performance obligations that are part of contracts with original expected durations of twelve months or less or portions of the contracts that remain subject to cancellations. Further, the disclosure does not include contracts for which the transaction price is a variable consideration that corresponds directly with the Company’s performance.
v3.25.2
Acquisitions
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
The Company uses acquisitions as a strategy to grow its customer base by increasing its presence in new and existing markets, expand and diversify its service offerings, enhance its technology, and acquire skilled personnel.
2025 Acquisitions
The Company completed five immaterial acquisitions during the six months ended June 30, 2025, paying the purchase price in cash in each transaction. These acquisitions were comprised of four acquisitions that were accounted for as business combinations and one accounted for as an asset acquisition. Total consideration for these acquisitions was $64.0 million, or $58.9 million, net of cash acquired.
Goodwill recognized associated with these acquisitions during the six months ended June 30, 2025 was $24.4 million, of which is $14.8 million is expected to be deductible for income tax purposes. Approximately $30.7 million of definite-lived intangibles were recorded in connection with the acquisitions during the six months ended June 30, 2025, including $16.4 million of Customer relationships, net, $6.1 million of Trade names and trademarks, net, and $8.2 million of Other purchased intangibles, net. The initial accounting for 2025 business acquisitions is incomplete due to the timing of available information and is subject to change. As of June 30, 2025, the Company has recorded provisional amounts for certain intangible assets (including customer relationships, trade names, and other purchased intangibles), preliminary acquisition date working capital, and related tax items.
The Condensed Consolidated Statement of Operations reflects the results of operations of the 2025 acquisitions since the date of each respective acquisition.
2024 Acquisitions
The Company completed the following acquisitions during the year ended December 31, 2024, paying a purchase price in cash in each transaction: (a) a purchase of 100% of the equity interest in TDS Gift Cards (“TDS”), acquired on February 5, 2024, a digital gifting and branded payments platform, which is reported within our Technology & Shopping segment; (b) a purchase of 100% of the equity interest in CNET Media, Inc. and certain related entities (“CNET”), acquired on September 12, 2024, a digital medial publication platform, which is reported within our Technology & Shopping segment; and two other immaterial acquisitions. All of these acquisitions were accounted for as business combinations. The acquisition of TDS expanded our ability to offer innovative shopping solutions to our merchant partners and broaden our capabilities to help facilitate commerce between consumers and some of the market’s most highly visible brands. The acquisition of CNET has allowed us to reach a wider audience that is attractive to advertisers in the technology space. Total consideration for all businesses acquired in 2024 was $365.1 million, or $219.2 million, net of cash acquired.
The following table summarizes the fair value amounts recognized for the assets acquired and liabilities assumed for our 2024 acquisitions (in thousands):
Valuation
TDS
CNET (2)
Assets and Liabilities
Cash
$142,957 $— 
Accounts receivable and other current assets (1)
171,290 16,904 
Intangible assets
108,340 100,500 
Goodwill (2)
81,248 36,479 
Deferred tax asset, noncurrent
— 11,412 
Other assets
203 780 
Accounts payable and other current liabilities
(290,161)(11,827)
Deferred tax liability, noncurrent
(25,442)— 
Other noncurrent liabilities
(847)— 
Total
$187,588 $154,248 
(1)The fair value of the assets acquired includes accounts receivable of $170.7 million (including Settlement receivables, net of $166.8 million) related to TDS and $16.2 million related to CNET.
(2)During the six months ended June 30, 2025, we recorded a measurement period adjustment of $(1.2) million to Customer relationships, $0.7 million to Other purchased intangibles assets, $0.6 million to Accounts receivable and other current assets, with corresponding adjustments to Goodwill.
The accompanying Condensed Consolidated Statements of Operations reflects the results of operations of the 2024 acquisitions since the date of each respective acquisition.
v3.25.2
Investments
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Investments consist of equity and debt securities.
Investment in equity securities
On October 7, 2021, we completed the separation of our cloud fax business (the “Separation”) into an independent publicly traded company. Following the Separation, the Company retained shares of publicly traded common stock of Consensus Cloud Solutions, Inc. (“Consensus”). During the second quarter of 2024, the Company sold its remaining 1,034,295 shares of Consensus in the open market. As of December 31, 2024, the Company did not hold any shares of the common stock of Consensus. The Company accounted for its investment in Consensus at fair value under the fair value option, and the related fair value gains and losses were recognized in earnings. For the three and six months ended June 30, 2024, gain of $3.1 million and losses of $7.7 million were recorded in the Condensed Consolidated Statement of Operations.
On July 31, 2023, the Company entered into an agreement to purchase a $25.0 million minority equity ownership interest in OpenEvidence (formerly known as Xyla), an artificial intelligence company. This minority investment was made in the form of cash and shares of the Company’s common stock. The Company accounted for its investment in OpenEvidence as an equity investment without a readily determinable fair value measured under the measurement alternative in accordance with ASC Topic 321, Investments — Equity Securities. On April 24, 2025, the Company sold its minority interest in OpenEvidence for $29.7 million, including $25.2 million in cash and 143,161 shares of Common Stock. As of December 31, 2024, the investment in OpenEvidence had a carrying value of $25.3 million, including transaction costs, and was included in ‘Long-term investments’ in the Condensed Consolidated Balance Sheets.
Investment in corporate debt security
On April 12, 2022, the Company entered into an agreement with an entity to acquire 4% convertible notes with an aggregate value of $15.0 million. On May 19, 2023, the Company entered into the Note Amendment Agreement (the “Amendment”) with respect to the same entity. The Amendment increased the interest rate on the convertible notes to 6%, extended the maturity date, and subordinated all existing and future obligations, liabilities, and indebtedness of the entity to the entity’s senior creditor, as defined in the Amendment. This investment is included in ‘Long-term investments’ in the Condensed Consolidated Balance Sheets and is classified as available-for-sale. The investment was initially measured at its transaction price and subsequently remeasured at fair value, with unrealized gains and losses reported as a component of other comprehensive income.
As of June 30, 2025, both the carrying value and the maximum exposure of the Company’s investment in corporate debt securities was approximately $18.5 million, with a contractual maturity date that was more than one year but less than five years. As of December 31, 2024, both the carrying value and the maximum exposure of the Company’s investment in corporate debt securities was approximately $17.8 million, with a contractual maturity date that was more than one year but less than five years. Cumulative gross unrealized gains on investment in corporate debt securities as of June 30, 2025 and December 31, 2024 were approximately $3.5 million and $2.8 million, respectively.
 There were no investments in an unrealized loss position as of June 30, 2025 and December 31, 2024.
During the three and six months ended June 30, 2025 and 2024, the Company did not recognize any other-than-temporary impairment losses on its debt securities.
Equity method investment
On September 25, 2017, the Company entered into a commitment to invest in the OCV Fund I, LP (the “OCV Fund”). The Company recognizes its equity in the net earnings or losses relating to the investment in OCV Fund on a one-quarter lag due to the timing and availability of financial information from OCV Fund. If the Company becomes aware of a significant decline in value that is other-than-temporary, the loss will be recorded in the period in which the Company identifies the decline.
During the three months ended June 30, 2025 and 2024, the Company recognized income from the equity method investment of $5.1 million and $8.8 million, net of taxes, respectively. During the six months ended June 30, 2025 and 2024, the Company recognized income from the equity method investment, net of taxes of $11.7 million and $8.2 million, respectively. The income in the periods presented were primarily the result of gains in the underlying investments.
During the three months ended June 30, 2025, the Company received a distribution from the OCV Fund of $9.2 million.
As of June 30, 2025, both the carrying value and the maximum exposure of the Company’s equity method investment was approximately $121.3 million. As of December 31, 2024, both the carrying value and the maximum exposure of the Company’s equity method investment was approximately $115.0 million. These equity securities are included within ‘Long-term investments’ in the Condensed Consolidated Balance Sheets.
As a limited partner, the Company’s maximum exposure to loss is limited to its proportional ownership in the partnership. In addition, the Company is not required to contribute any further capital. Finally, there are no call or put options, or other types of arrangements, which limit the Company’s ability to participate in losses and returns of the OCV Fund.
v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company complies with the provisions of ASC 820, which defines fair value, provides a framework for measuring fair value and expands the disclosures required for fair value measurements of financial and non-financial assets and liabilities. ASC 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value.
§Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
§Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
§Level 3 – Unobservable inputs which are supported by little or no market activity.
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
Recurring Fair Value Measurements
The Company’s money market funds are classified within Level 1. The Company values these Level 1 investments using quoted market prices.
The fair value of the Company’s investment in Consensus common stock was determined using quoted market prices, which is Level 1 input. During the second quarter of 2024, the Company sold its remaining investments in Consensus common stock (see Note 4 - Investments).
The Company has an investment in a corporate debt security that does not have a readily determinable fair value because the acquired security is privately held, not traded on any public exchange and not an investment in a mutual fund or similar investment. The investment in corporate debt securities is classified as available-for-sale and is initially measured at its transaction price. The fair value of the corporate debt securities is determined primarily based on estimates and assumptions, including Level 3 inputs. As of June 30, 2025 and December 31, 2024, the fair value was determined based upon various probability-weighted scenarios which included discount rate assumptions between 9% and 10%, depending on the probability scenario. In addition, the determination of fair value included a conversion timeframe of approximately three months to two years, depending on the probability scenario, as of June 30, 2025 and three months to two years, depending on the probability scenario, as of December 31, 2024.
The Company classifies its contingent consideration liability in connection with acquisitions within Level 3 because factors used to develop the estimated fair value are unobservable inputs, such as volatility and market risks, and are not supported by market activity. The valuation approaches used to value Level 3 investments considers unobservable inputs in the market such as time to liquidity, volatility, risk-free rates, dividend yield, and breakpoints. The Company also estimates the fair value of certain contingent consideration arrangements based upon its current expectation of achievement of the targets underlying the contingent consideration. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement.
In connection with certain of the Company’s acquisitions, contingent consideration may be payable upon achieving certain future earnings before interest, taxes, depreciation and amortization (“EBITDA”), gross margin, and/or revenue thresholds and had a combined fair value of $6.4 million and $2.8 million as of June 30, 2025 and December 31, 2024, respectively. As of June 30, 2025, the possible payments under these arrangements ranged from zero to a maximum total of $8.4 million. As of December 31, 2024, the possible payments under these arrangements ranged from zero to a maximum total of $2.8 million. As of December 31, 2024, the contingent consideration was determined using a 100% probability of payout at the maximum amount, without any other estimates applied.
The following tables present the fair values of the Company’s financial assets or liabilities that are measured at fair value on a recurring basis (in thousands):
June 30, 2025Level 1Level 2Level 3Fair ValueCarrying Value
Assets:
Cash equivalents:
Money market and other funds$111,914 $— $— $111,914 $111,914 
Long-term investments:
Investment in corporate debt securities— — 18,534 18,534 18,534 
Total assets measured at fair value$111,914 $— $18,534 $130,448 $130,448 
Liabilities:
Contingent consideration$— $— $6,381 $6,381 $6,381 
Total liabilities measured at fair value$— $— $6,381 $6,381 $6,381 
December 31, 2024Level 1Level 2Level 3Fair ValueCarrying Value
Assets:
Cash equivalents:
Money market and other funds$85,833 $— $— $85,833 $85,833 
Long-term investments:
Investment in corporate debt securities— — 17,788 17,788 17,788 
Total assets measured at fair value$85,833 $— $17,788 $103,621 $103,621 
Liabilities:
Contingent consideration$— $— $2,834 $2,834 $2,834 
Total liabilities measured at fair value$— $— $2,834 $2,834 $2,834 
At the end of each reporting period, management reviews the inputs to the fair value measurements of financial and non-financial assets and liabilities to determine when transfers between levels are deemed to have occurred. For the three and six months ended June 30, 2025 and 2024, there were no transfers that occurred between levels.
The following table presents a reconciliation of the Company’s Level 3 financial assets related to our contingent consideration arrangements and investment in corporate debt securities that are measured at fair value on a recurring basis (in thousands):
Six months ended June 30,
20252024
Contingent Consideration ArrangementsCorporate Debt SecuritiesContingent Consideration ArrangementsCorporate Debt Securities
Balance as of January 1$2,834 $17,788 $2,834 $15,699 
Fair value at date of acquisition5,865 — — — 
Fair value adjustments (1)
(2,318)746 — 360 
Balance as of June 30$6,381 $18,534 $2,834 $16,059 
(1)The fair value adjustments to the contingent consideration arrangements in the table above were recorded within ‘General, administrative, and other related costs’ in the Condensed Consolidated Statements of Operations during the six months ended June 30, 2025 and relate to changes in the expected payout against financial targets. The fair value adjustments to the corporate debt securities in the table above were recorded in ‘Change in fair value on available-for-sale investments, net’ in the Condensed Consolidated Statements of Comprehensive Income (Loss) during the six months ended June 30, 2025 and 2024.
Nonrecurring Fair Value Measurements
The Company’s non-financial assets, such as goodwill, intangible assets, right-of-use assets, and property, plant and equipment, are adjusted to fair value only when an impairment is recognized. The Company’s financial assets, comprised of equity securities without readily determinable fair value, are adjusted to fair value when observable price changes are identified or due to impairment. Such fair value measurements are based predominately on Level 3 inputs.
Other Fair Value Disclosures
The fair value of the Company’s 4.625% Senior Notes, 3.625% Convertible Notes, and 1.75% Convertible Notes (as defined in Note 7 — Debt) was determined using quoted market prices or dealer quotes for instruments with similar maturities and other terms and credit ratings, which are Level 1 inputs. If such information is not available for the 1.75% Convertible Notes and 3.625% Convertible Notes, the fair value is determined using cash flow models of the scheduled payments discounted at market interest rates for comparable debt without the conversion feature.
The following table presents the carrying value and the fair value of financial instruments measured at fair value only for disclosure purposes (in thousands):
June 30, 2025December 31, 2024
Carrying ValueFair ValueCarrying ValueFair Value
4.625% Senior Notes
$460,038 $423,235 $457,211 $420,935 
1.75% Convertible Notes
$149,109 $141,803 $148,186 $139,976 
3.625% Convertible Notes
$263,147 $247,221 $258,885 $259,200 
v3.25.2
Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The changes in carrying amounts of goodwill for the six months ended June 30, 2025 are as follows (in thousands):
Technology & ShoppingGaming & EntertainmentHealth & WellnessConnectivityCybersecurity & MartechConsolidated
Balance as of January 1, 2025
$322,057 $68,301 $403,056 $256,942 $529,902 $1,580,258 
Goodwill acquired (Note 3)
— 11,743 693 — 11,935 24,371 
Purchase accounting adjustments (1)
(128)48 — — 123 43 
Foreign exchange translation2 775 1,289 2,783 9,961 14,810 
Balance as of June 30, 2025$321,931 $80,867 $405,038 $259,725 $551,921 $1,619,482 
(1)Purchase accounting adjustments relate to measurement period adjustments to goodwill in connection with prior business acquisitions (see Note 3 — Business Acquisitions).
Goodwill as of each of June 30, 2025 and December 31, 2024 reflects accumulated impairment losses of $169.5 million in the Technology & Shopping reportable segment.
Intangible Assets Subject to Amortization
As of June 30, 2025, intangible assets subject to amortization relate primarily to the following (in thousands):
Historical
Cost		Accumulated
Amortization		Net
Trade names and trademarks$381,501 $237,376 $144,125 
Customer relationships
857,248 656,522 200,726 
Other purchased intangibles419,087 366,312 52,775 
Total$1,657,836 $1,260,210 $397,626 

As of December 31, 2024, intangible assets subject to amortization relate primarily to the following (in thousands):
Historical
Cost		Accumulated
Amortization		Net
Trade names and trademarks$375,449 $222,430 $153,019 
Customer relationships
836,254 620,926 215,328 
Other purchased intangibles421,128 363,726 57,402 
Total$1,632,831 $1,207,082 $425,749 

Amortization expense, included in ‘Depreciation and amortization’ in our Condensed Consolidated Statements of Operations, was approximately $30.6 million and $27.8 million for the three months ended June 30, 2025 and 2024, respectively, and $59.4 million and $54.1 million for the six months ended June 30, 2025 and 2024, respectively.
v3.25.2
Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
Long-term debt consists of the following (in thousands):
June 30, 2025December 31, 2024
4.625% Senior Notes
$460,038 $460,038 
1.75% Convertible Notes
149,109 149,109 
3.625% Convertible Notes
263,147 263,147 
Total Notes872,294 872,294 
Credit Agreement— — 
Less: Unamortized discount(4,987)(5,676)
Deferred issuance costs (1)
(1,927)(2,336)
Total long-term debt$865,380 $864,282 
(1)Includes $0.6 million and $0.7 million of carrying amount of deferred issuance costs on the 4.625% Senior Notes as of June 30, 2025 and December 31, 2024, respectively, $0.7 million and $0.9 million of carrying amount of deferred issuance costs on the 1.75% Convertible Notes as of June 30, 2025 and December 31, 2024, respectively, and $0.6 million and $0.7 million of carrying amount of deferred issuance costs on the 3.625% Convertible Notes as of June 30, 2025 and December 31, 2024, respectively.

As of June 30, 2025, the $149.1 million of principal of the 1.75% Convertible Notes will mature in 2026, $263.1 million of principal of the 3.625% Convertible Notes will mature in 2028, and $460.0 million of principal of the 4.625% Senior Notes will mature in 2030.
4.625% Senior Notes
On October 7, 2020, the Company completed the issuance and sale of $750.0 million aggregate principal amount of its 4.625% senior notes due 2030 (the “4.625% Senior Notes”) in a private placement offering exempt from the registration requirements of the Securities Act of 1933, as amended. The Company received proceeds of $742.7 million, after deducting the initial purchasers’ discounts, commissions and offering expenses. The net proceeds were used to redeem all of its then outstanding 6.0% Senior Notes due in 2025 and the remaining net proceeds were available for general corporate purposes which may include acquisitions and the repurchase or redemption of other outstanding indebtedness.
These senior notes bear interest at a rate of 4.625% per annum, payable semi-annually in arrears on April 15 and October 15 of each year, commencing on April 15, 2021. The 4.625% Senior Notes mature on October 15, 2030, and are senior unsecured obligations of the Company which are guaranteed, jointly and severally, on an unsecured basis by certain of the Company’s existing and future domestic direct and indirect wholly-owned subsidiaries (collectively, the “Guarantors”). If the Company or any of its restricted subsidiaries acquires or creates a domestic restricted subsidiary, other than an Insignificant Subsidiary (as defined in the indenture pursuant to which the 4.625% Senior Notes were issued (the “Indenture”)), after the issue date, or any Insignificant Subsidiary ceases to fit within the definition of Insignificant Subsidiary, such restricted subsidiary is required to unconditionally guarantee, jointly and severally, on an unsecured basis, the Company’s obligations under the 4.625% Senior Notes.
The Company may redeem some or all of the 4.625% Senior Notes at any time on or after October 15, 2025 at specified redemption prices plus accrued and unpaid interest, if any, up to, but excluding the redemption date. In addition, at any time prior to October 15, 2025, the Company may redeem some or all of the 4.625% Senior Notes at a price equal to 100% of the principal amount, plus accrued and unpaid interest, if any, to the redemption date, plus an applicable “make-whole” premium. The discount and deferred issuance costs are being amortized, at an effective interest rate of 4.7%, to interest expense through the maturity date.
The Indenture contains covenants that restrict the Company’s ability to (i) pay dividends or make distributions on the Company’s common stock or repurchase the Company’s capital stock; (ii) make certain restricted payments; (iii) create liens or enter into sale and leaseback transactions; (iv) enter into transactions with affiliates; (v) merge or consolidate with another company; and (vi) transfer and sell assets. These covenants contain certain exceptions. Restricted payments are applicable only if the Company and subsidiaries designated as restricted subsidiaries have a net leverage ratio of greater than 3.5 to 1.0. In addition, if such net leverage ratio is in excess of 3.5 to 1.0, the restriction on restricted payments is subject to various exceptions, including the total aggregate amount not exceeding the greater of (A) $250 million and (B) 50.0% of EBITDA for the most recently ended four fiscal quarter period ended immediately prior to such date for which internal financial statements are available. The Company is in compliance with its debt covenants for the 4.625% Senior Notes as of June 30, 2025.
Cumulatively as of June 30, 2025, the Company has repurchased approximately $290 million in aggregate principal of its 4.625% Senior Notes. There were no repurchases of 4.625% Senior Notes during the three and six months ended June 30, 2025 and June 30, 2024.
1.75% Convertible Notes
On November 15, 2019, the Company issued $550.0 million aggregate principal amount of 1.75% convertible senior notes due November 1, 2026 (the “1.75% Convertible Notes”). The Company received proceeds of $537.1 million in cash, net of purchasers’ discounts and commissions and other debt issuance costs. A portion of the net proceeds were used to pay off all amounts outstanding under the then-existing Credit Facility. The 1.75% Convertible Notes bear interest at a rate of 1.75% per annum, payable semiannually in arrears on May 1 and November 1 of each year, beginning on May 1, 2020. The 1.75% Convertible Notes will mature on November 1, 2026, unless earlier converted or repurchased. Under certain conditions set forth in the indenture, the 1.75% Convertible Notes bear additional interest of 0.50% per annum payable semiannually in arrears on May 1 and November 1 of each year, beginning on May 1, 2021.
On July 16, 2024, the Company exchanged approximately $400.9 million in aggregate principal amount of its 1.75% Convertible Notes as part of the Exchange Transaction, as defined below. As of June 30, 2025, the remaining principal amount of the 1.75% Convertible Notes was $149.1 million.
Holders may surrender their 1.75% Convertible Notes for conversion at any time prior to the close of business on the business day immediately preceding July 1, 2026 only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on March 31, 2020 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding the calendar quarter is greater than 130% of the applicable conversion price of the 1.75% Convertible Notes on each such applicable trading day; (ii) during the five business day period following any 10 consecutive trading day period in which the trading price per $1,000 principal amount of 1.75% Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the applicable conversion rate on each such trading day; or (iii) upon the occurrence of specified corporate events. On or after July 1, 2026, and prior to the close of business on the business day immediately preceding the maturity date, holders may convert all or any portion of their notes at any time, regardless of the foregoing circumstances. The 1.75% Convertible Notes can be settled in cash, the Company’s common stock, or a combination of cash and the Company’s common stock, at $0.01 par value per share, at the Company’s election. The Company will settle conversions of the 1.75% Convertible Notes by paying or delivering, as the case may be, cash, shares of the Company’s common stock or a combination thereof at the Company’s election. Holders of the notes will have the right to require the Company to repurchase for cash all or any portion of their notes upon the occurrence of certain corporate events, subject to certain conditions. As of June 30, 2025 and December 31, 2024, the market trigger conditions did not meet the conversion requirements of the 1.75% Convertible Notes and, accordingly, the 1.75% Convertible Notes are classified as long-term debt on our Condensed Consolidated Balance Sheets.
As of June 30, 2025, the conversion rate is 9.3783 shares of the Company’s common stock for each $1,000 principal amount of 1.75% Convertible Notes (or 1,398,391 shares), which represents a conversion price of approximately $106.63 per share of the Company’s common stock. The conversion rate is subject to adjustment for certain events as set forth in the indenture governing the 1.75% Convertible Notes, but will not be adjusted for accrued interest. In addition, upon the occurrence of a “Make-Whole Fundamental Change” (as defined in the 1.75% Convertible Note indenture), in certain circumstances, the Company will increase the conversion rate for a holder that elects to convert its 1.75% Convertible Notes in connection with such a corporate event.
The Company may not redeem the 1.75% Convertible Notes prior to November 1, 2026, and no sinking fund is provided for the 1.75% Convertible Notes.
The 1.75% Convertible Notes are the Company’s general senior unsecured obligations and rank: (i) senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the 1.75% Convertible Notes; (ii) equal in right of payment to the Company’s existing and future indebtedness that is not so subordinated; (iii) effectively junior to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and (iv) structurally junior to all existing and future indebtedness and other liabilities incurred by the Company’s subsidiaries.
The following table provides the components of interest expense related to the 1.75% Convertible Notes (in thousands):
Three months ended June 30,Six months ended June 30,
2025202420252024
Contractual interest expense$652 $2,406 $1,305 $4,812 
Amortization of discount and deferred issuance costs
124 473 248 943 
Total interest expense related to 1.75% Convertible Notes
$776 $2,879 $1,553 $5,755 
3.625% Convertible Notes
On July 16, 2024, the Company issued $263.1 million in aggregate principal amount of new 3.625% Convertible Notes due 2028 (the “3.625% Convertible Notes”) and paid an aggregate of approximately $135.0 million in cash in exchange for approximately $400.9 million in aggregate principal amount of the Company’s 1.75% Convertible Notes (collectively, the “Exchange Transaction”) pursuant to separate, privately negotiated exchange agreements with certain holders of the 1.75% Convertible Notes. The Exchange Transaction was accounted for as a debt modification, and accordingly, no gain or loss was recognized. In connection with the Exchange Transaction, the Company recognized an increase in the fair value of the conversion feature of the 3.625% Convertible Notes compared to the fair value of the conversion feature of the 1.75% Convertible Notes of $4.0 million, partially offset by an increase to deferred tax liabilities of $1.0 million, which is included in ‘Additional paid-in capital’ on the Condensed Consolidated Balance Sheets, and a corresponding reduction to the carrying value of the 3.625% Convertible Notes. The discount and deferred issuance costs are being amortized to interest expense through the maturity date, at an effective interest rate of 4.2%.
The 3.625% Convertible Notes bear interest at a rate of 3.625% per annum on the principal amount thereof, payable semi-annually in arrears on September 1 and March 1 of each year, beginning on March 1, 2025, to the noteholders of record of the 3.625% Convertible Notes as of the close of business on the immediately preceding August 15 and February 15, respectively. The 3.625% Convertible Notes will mature on March 1, 2028, unless earlier converted or repurchased. The 3.625% Convertible Notes can be settled in cash, the Company’s common stock, or a combination of cash and the Company’s common stock, at $0.01 par value per share, at the Company’s election.
Holders may surrender their 3.625% Convertible Notes for conversion at any time prior to the close of business on the business day immediately preceding December 1, 2027 only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on September 30, 2024 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the applicable conversion price of the 3.625% Convertible Notes on each such applicable trading day; (ii) during the 5 business day period following any 10 consecutive trading day period in which the trading price per $1,000 principal amount of 3.625% Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the applicable conversion rate on each such trading day; or (iii) upon the occurrence of specified corporate events. On or after December 1, 2027, and prior to the close of business on the business day immediately preceding the maturity date, holders may convert all or any portion of their notes at any time, regardless of the foregoing circumstances, at an initial conversion rate of 10 shares of the Company’s common stock per $1,000 principal amount of 3.625% Convertible Notes. The Company will settle conversions of the 3.625% Convertible Notes by paying or delivering, as the case may be, cash, shares of the Company’s common stock or a combination thereof at the Company’s election. Holders of the notes will have the right to require the Company to repurchase for cash all or any portion of their notes upon the occurrence of certain corporate events, subject to certain conditions. As of June 30, 2025 and December 31, 2024, the market trigger conditions did not meet the conversion requirements of the 3.625% Convertible Notes and, accordingly, the 3.625% Convertible Notes are classified as long-term debt on our Condensed Consolidated Balance Sheets.
As of June 30, 2025, the conversion rate of the 3.625% Convertible Notes is 10 shares per $1,000 principal amount of the 3.625% Convertible Notes (or 2,631,470 shares), which represents an initial conversion price of $100 per share. The conversion rate is subject to adjustment upon the occurrence of certain specified events as set forth in the indenture governing the 3.625% Convertible Notes, but will not be adjusted for accrued and unpaid interest. In addition, upon the occurrence of a “Make-Whole Fundamental Change”, as defined in the 3.625% Convertible Note Indenture, the Company will in certain circumstances increase the conversion rate for a holder that elects to convert its 3.625% Convertible Notes in connection with such a corporate event.
The Company may not redeem the 3.625% Convertible Notes prior to the maturity date, and no sinking fund is provided for the 3.625% Convertible Notes.
The 3.625% Convertible Notes are the Company’s general senior unsecured obligations and rank: (i) senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the 3.625% Convertible Notes; (ii) equal in right of payment to the Company’s existing and future indebtedness that is not so subordinated; (iii) effectively junior to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and (iv) structurally junior to all existing and future indebtedness and other liabilities incurred by the Company’s subsidiaries.
The following table provides the components of interest expense related to the 3.625% Convertible Notes (in thousands):
Three months endedSix months ended
June 30, 2025
Coupon interest expense$2,385 $4,770 
Amortization of discount and debt issuance costs
319 636 
Total interest expense related to 3.625% Convertible Notes
$2,704 $5,406 
Credit Agreement
On April 7, 2021, the Company entered into a $100.0 million Credit Agreement (the “Credit Agreement”). Subject to certain conditions and approvals, the Company had the right, from time to time, to request increases in the commitments under the Credit Agreement in an aggregate amount up to $250.0 million, for a total aggregate commitment of up to $350.0 million. On June 18, 2024, the Company entered into a New Lender Joinder Agreement and Eighth Amendment (the “Joinder and Amendment”) to the Credit Agreement. The Joinder and Amendment provides for, among other things, (i) an increase in the Aggregate Revolving Loan Commitment by an aggregate principal amount of $250.0 million for a total of $350.0 million, (ii) an extension of the scheduled maturity date from April 7, 2026 to the earlier of (x) June 18, 2027 or (y) under certain limited circumstances, August 2, 2026, (iii) a “credit spread adjustment” for SOFR-based borrowings of 0.10% across all interest periods, (iv) the inclusion of limited conditionality borrowing mechanics with respect to certain borrowings and (v) certain other related amendments.
At the Company’s option, amounts borrowed under the Credit Agreement bear interest at either (i) a base rate equal to the greater of (x) the Federal Funds Effective Rate (as defined in the Credit Agreement) in effect on such day plus 0.5% per annum, (y) the rate of interest per annum most recently announced by the Agent (as defined in the Credit Agreement) as its U.S. Dollar “Reference Rate” and (z) one month Term SOFR (as defined in the Credit Agreement) plus a credit spread adjustment plus 1.00% or (ii) a rate per annum equal to Term SOFR plus a credit spread adjustment, in each case, plus an applicable margin. The applicable margin relating to any base rate loan ranges from 0.50% to 1.25% and the applicable margin relating to any Term SOFR loan ranges from 1.50% to 2.25%, in each case, depending on the total leverage ratio of the Company. The Company is permitted to make voluntary prepayments of the Credit Facility at any time without payment of a premium or penalty. The Credit Agreement is secured by an associated collateral agreement that provides for a lien on the majority of the Company’s assets and the assets of the guarantors, in each case, subject to customary exceptions.
The Credit Agreement contains financial maintenance covenants, including (i) a maximum total leverage ratio as of the last date of any fiscal quarter not to exceed 4.00:1.00 for the Company and its restricted subsidiaries and (ii) a minimum interest coverage ratio as of the last date of any fiscal quarter not less than 3.00:1.00 for the Company and its restricted subsidiaries. The Credit Agreement also contains restrictive covenants that limit, among other things, the Company’s and its restricted subsidiaries’ ability to incur additional indebtedness, create, incur or assume liens, consolidate, merge, liquidate or dissolve, pay dividends or make other distributions or other restricted payments, make or hold certain investments, enter into certain transactions with affiliates, sell assets other than on terms specified by the Credit Agreement, amend the terms of certain other indebtedness and organizational documents, and change their lines of business and fiscal years, in each case, subject to customary exceptions. The Credit Agreement also sets forth customary events of default, including, among other things, the failure to make timely payments under the Credit Facility, the failure to satisfy certain covenants, cross-default and cross-acceleration to other material debt for borrowed money, the occurrence of a change of control, and specified events of bankruptcy and insolvency. The Company is in compliance with its debt covenants for the Credit Agreement as of June 30, 2025.
As of each June 30, 2025 and December 31, 2024, availability under the Credit Agreement was $348.9 million, net of letters of credit.
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
In the ordinary course of business, the Company enters into commitments including those related to cloud computing, information technology, security, and information and document management. The Company also has revenue sharing arrangements with annual minimum guarantees based upon third-party website advertising metrics and other contractual provisions.
Litigation
From time to time, the Company and its affiliates are involved in litigation and other legal disputes or regulatory inquiries that arise in the ordinary course of business. Any claims or regulatory actions against the Company and its affiliates, whether meritorious or not, could be time consuming and costly, and could divert significant operational resources. The outcomes of such matters are subject to inherent uncertainties, carrying the potential for unfavorable rulings that could include monetary damages and injunctive relief. The Company does not believe, based on current knowledge, that any such legal proceedings or claims, after giving effect to existing accrued liabilities, are likely to have a material adverse effect on the Company’s overall consolidated financial position, results of operations, or cash flows. However, depending on the amount and timing, an unfavorable resolution of some or all of these matters could have a material effect on the Company’s consolidated financial position, results of operations, or cash flows in a particular period.
Although the Company cannot predict the outcome of legal or other proceedings with certainty, where there is at least a reasonable possibility that a loss may be incurred, GAAP requires us to disclose an estimate of the reasonably possible loss or range of loss or make a statement that such an estimate cannot be made. The Company follows a thorough process in which it seeks to estimate the reasonably possible loss or range of loss, and only if it is unable to make such an estimate does it conclude and disclose that an estimate cannot be made.
The Company has not accrued for any material loss contingencies relating to these legal proceedings because materially unfavorable outcomes are not considered probable by management. It is the Company’s policy to expense as incurred legal fees related to various litigations.
Non-Income Related Taxes
The Company does not collect and remit sales and use, telecommunication, or similar taxes and fees in certain jurisdictions where the Company believes such taxes are not applicable or legally required. Several states and other taxing jurisdictions have presented or threatened the Company with assessments, alleging that the Company is required to collect and remit such taxes there. The Company is currently under audit or is subject to audit for indirect taxes in various states, municipalities, and foreign jurisdictions. The Company recognizes a liability for these matters when it is probable that an obligation exists and the amount can be reasonably estimated based on all relevant information that is available at each reporting period.
The Company established reserves for these matters of $24.4 million and $25.2 million as of June 30, 2025 and December 31, 2024, respectively, which are included in ‘Accounts payable and accrued expenses’ and ‘Other noncurrent liabilities’ on the Condensed Consolidated Balance Sheets. It is reasonably possible that additional liabilities could be incurred resulting in additional expense, which could have a material impact to our financial results, however, as of June 30, 2025 any potential range of loss was not estimable.
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s tax provision for interim periods is determined using an estimate of the Company’s annual effective tax rate adjusted for discrete interim period tax impacts. Each quarter the Company updates its estimated annual effective tax rate and, if the estimate changes, makes a cumulative adjustment. The Company’s effective tax rate was 16.8% and 19.9% for the three months ended June 30, 2025 and 2024, respectively, and 24.9% and 27.9% for the six months ended June 30, 2025 and 2024, respectively.
The Company’s effective tax rate for the three and six months ended June 30, 2025 was impacted by the change to its valuation allowance related to U.S. capital loss carryforwards. During the three months ended June 30, 2025, the Company reversed a portion of its valuation allowance against its U.S. capital loss carryforwards which resulted in a discrete tax benefit of $3.2 million. The decrease in the effective tax rate was partially offset by a discrete tax expense of $2.0 million for the six months ended June 30, 2025 related to the vesting of share based compensation resulting in a tax shortfall.
The Company’s effective tax rate for the three and six months ended June 30, 2024 was impacted disproportionately by the recognition and subsequent changes to a valuation allowance against a portion of its U. S. capital loss carryforwards.
During the three months ended June 30, 2024, the Company reversed a portion of its valuation allowance which resulted in a discrete tax benefit of $0.8 million. During the six months ended June 30, 2024, the Company recognized a net valuation allowance against its U.S. capital loss carryforwards which resulted in a discrete tax expense of $2.5 million.
As of June 30, 2025 and December 31, 2024, the Company had $31.3 million and $30.3 million, respectively, in liabilities for uncertain income tax positions on the Condensed Consolidated Balance Sheets. Accrued interest and penalties related to unrecognized tax benefits associated with uncertain tax positions are recognized in income tax expense in our Condensed Consolidated Statements of Operations.
Certain taxes are prepaid during the year and, where appropriate, included within ‘Prepaid expenses and other current assets’ on the Condensed Consolidated Balance Sheets. The Company’s prepaid taxes were $9.9 million and $6.4 million as of June 30, 2025 and December 31, 2024, respectively.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law which, among other things, provided a permanent extension of certain tax measures initially established under the 2017 Tax Cuts and Jobs Act, which were set to expire at the end of 2025, and modified tax legislation affecting bonus depreciation rules and the tax treatment of research and development expenses and interest deductions. Specifically, the OBBBA provides for 100% bonus depreciation and eliminates the requirement under Internal Revenue Code Section 174 to capitalize and amortize U.S. based research and experimental expenditures over five years, making these expenditures fully deductible in the period incurred beginning after 2024. The Company currently does not expect the OBBBA to have a material impact to our effective tax rate but expect these provisions to result in a reduction of current income tax liabilities and an increase in deferred tax liabilities, which could be material. The Company will continue to assess the implications of the OBBBA and will provide further disclosures in subsequent reporting periods as necessary.
v3.25.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
On August 6, 2020, the Company’s Board of Directors (the “Board”) approved a program authorizing the repurchase of up to ten million shares of the Company’s common stock through August 6, 2025 (the “2020 Program”). The Company entered into certain Rule 10b5-1 trading plans to execute repurchases under the 2020 Program.
On August 2, 2024, the Board authorized (i) an increase in its 2020 Program pursuant to which the Company may purchase up to an additional five million shares of the Company’s common stock (the “Additional Authorization”) and (ii) an extension of the expiration date of the share repurchase program from August 6, 2025 to August 2, 2029. As a result of the Additional Authorization, the aggregate number of shares of the Company’s common stock authorized for repurchase under the 2020 Program increased to up to 15 million shares of the Company’s common stock.
During the three and six months ended June 30, 2025, the Company repurchased 1,084,846 and 1,834,846 shares, respectively, under the 2020 Program at an aggregate cost of approximately $35.2 million and $66.1 million, respectively (including excise tax). During the three and six months ended June 30, 2024, the Company repurchased 1,500,000 shares under the 2020 Program at an aggregate cost of approximately $84.9 million, including excise tax. Cumulatively as of June 30, 2025, 10,593,538 shares were repurchased under the 2020 Program, at an aggregate cost of $649.7 million, including excise tax. As a result of the repurchases, the number of shares of the Company’s common stock available for repurchase as of June 30, 2025 was 4,406,462 shares.
On April 24, 2025, the Company repurchased 143,161 shares of its Common Stock at an aggregate value of approximately $4.4 million in connection with the sale of its minority equity ownership interest in OpenEvidence. The repurchase transaction had a non-cash nature and involved our Common Stock that was issued in 2023 as partial consideration for the acquisition of a minority equity ownership interest in OpenEvidence. Refer to Note 4 - Investments and Note 14 - Supplemental Cash Flow Information for further information.
Periodically, participants in the Company’s stock plans surrender to the Company shares of stock to pay the exercise price or to satisfy tax withholding obligations arising upon the vesting of restricted stock. During the three months ended June 30, 2025 and 2024, the Company purchased and retired 3,655 and 1,353 shares, respectively, at an aggregate cost of approximately $0.1 million and $0.1 million, respectively, from plan participants for this purpose. During the six months ended June 30, 2025 and 2024, the Company purchased and retired 106,883 and 59,590 shares, respectively, at an aggregate cost of approximately $4.4 million and $4.0 million, respectively, from plan participants for this purpose.
v3.25.2
Share-Based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
The Company’s share-based compensation plans include the Ziff Davis, Inc. 2024 Equity Incentive Plan (the “2024 Plan”), the 2015 Stock Option Plan (the “2015 Plan”), and 2001 Employee Stock Purchase Plan (the “Purchase Plan”). Collectively, the 2015 Plan and 2024 Plan are referred to herein as the “Plans.” As of June 30, 2025, 435,135 shares underlying options and 2,167,387 restricted stock units were outstanding under the Plans. As of June 30, 2025, there were 1,903,576 additional shares underlying options, shares of restricted stock and other share-based awards available for grant under the 2024 Plan.
Share-Based Compensation Expense
The following table presents the effects of share-based compensation expense in the Condensed Consolidated Statements of Operations during the periods presented (in thousands):
Three months ended June 30,Six months ended June 30,
2025202420252024
Direct costs
$68 $62 $131 $123 
Sales and marketing1,349 1,093 2,335 1,851 
Research, development, and engineering937 1,071 1,727 2,161 
General, administrative, and other related costs
9,373 9,374 17,286 16,337 
Total share-based compensation expense$11,727 $11,600 $21,479 $20,472 
Restricted Stock and Restricted Stock Units
The Company has awarded restricted stock and restricted stock units to its Board and senior staff pursuant to the Plans. Compensation expense resulting from restricted stock and restricted unit grants is measured at fair value on the date of grant and is recognized as share-based compensation expense over the applicable vesting period. Vesting periods are approximately one year for awards to members of the Company’s Board, generally three or four years for senior staff (excluding market-based awards discussed below) and three to eight years for the Chief Executive Officer. The Company granted 730,803 and 390,284 restricted stock units (excluding awards with market conditions below) (“RSUs”) during the six months ended June 30, 2025 and 2024, respectively.
The Company has awarded certain key employees equity classified market-based restricted stock (“PSAs”) and equity classified market-based restricted stock units (“PSUs”) pursuant to the Plans. PSAs and PSUs granted prior to 2024 have vesting conditions that are based on specific stock price targets of the Company’s common stock. PSUs granted in 2024 and 2025 vest in shares of the Company’s stock ranging from 0% to 200% of the award based on the Company’s attainment of a relative Total Shareholder Return (“TSR”) target compared to the TSR of all listed companies in a market index over the respective performance periods. Performance periods for the PSUs granted in 2025 are two and three years. In each of 2024 and 2025, market conditions were factored into the grant date fair value using a Monte Carlo valuation model, which utilized multiple input variables to determine the probability of the Company and all listed companies in the market index achieving the relative TSR targets.
Share-based compensation expense related to an award with a market condition will be recognized over the requisite service period using the graded-vesting method regardless of whether the market condition is satisfied, provided that the requisite service period has been completed.
The per share weighted average grant-date fair value of PSUs granted during the six months ended June 30, 2025 and 2024 was $38.80 and $87.17, respectively.
The assumptions used in determining the weighted-average fair values of PSUs granted during the periods presented are as follows:
Six months ended June 30,
20252024
Underlying stock price at valuation date$38.19 $66.88 
Expected volatility34.5 %32.9 %
Risk-free interest rate3.9 %4.3 %
Restricted stock award (“RSA”) and PSA activity for the six months ended June 30, 2025 is set forth below:
RSAs
PSAs
Number of
Shares
Weighted Average
Grant Date
Fair Value
Number of
Shares
Weighted Average
Grant Date
Fair Value
Nonvested at January 1, 202554,829 $68.97 163,181 $36.27 
Granted— $— — $— 
Vested(27,197)$68.97 — $— 
Forfeited
— $— — $— 
Nonvested at June 30, 2025
27,632 $68.97 163,181 $36.27 
  
Restricted stock unit (“RSU”) and PSU activity for the six months ended June 30, 2025 is set forth below:
RSUs
PSUs
Number of
Shares

Weighted Average Grant Date Fair Value
Number of Shares (1)
Weighted Average Grant Date Fair Value
Outstanding at January 1, 2025652,227 $74.59 520,986 $82.73 
Granted730,803 $37.42 598,676 $38.80 
Vested(247,175)$73.37 (23,477)$78.73 
Forfeited
(23,560)$60.89 (41,093)$65.51 
Outstanding at June 30, 2025
1,112,295 $50.73 1,055,092 $58.12 
(1)Represents the number of shares at 100% achievement.
As of June 30, 2025, share-based compensation cost of $1.0 million is expected to be recognized over a weighted-average period of 0.6 years for RSAs, $46.9 million of share-based compensation cost is expected to be recognized over a weighted-average period of 2.1 years for RSUs, and $30.3 million of share-based compensation cost is expected to be recognized over a weighted-average period of 2.2 years for PSUs.
v3.25.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The components of basic and diluted earnings per share are as follows (in thousands, except share and per share data):
Three months ended June 30,
20252024
BasicDilutedBasicDiluted
Numerator for basic and diluted net loss per common share:
Net income
$26,343 $26,343 $36,910 $36,910 
Less: Net loss available to participating
securities
— — — — 
Plus: Convertible Notes interest expense (after-tax)
— 583 — 2,159 
Net income available to the Company’s common shareholders
$26,343 $26,926 $36,910 $39,069 
Denominator:
Basic weighted-average outstanding shares of common stock41,732,800 41,732,800 45,492,809 45,492,809 
Dilutive effect of:
Equity incentive plans
— 17,313 — 14,232 
Convertible debt — 1,398,391 — 5,158,071 
Diluted weighted-average outstanding shares of common stock41,732,800 43,148,504 45,492,809 50,665,112 
Net income per share
$0.63 $0.62 $0.81 $0.77 

Six months ended June 30,
20252024
BasicDilutedBasicDiluted
Numerator for basic and diluted net loss per common share:
Net income
$50,582 $50,582 $47,537 $47,537 
Less: Net loss available to participating
securities
— — — — 
Plus: Convertible Notes interest expense (after-tax)
— 1,164 — 4,317 
Net income available to the Company’s common shareholders
$50,582 $51,746 $47,537 $51,854 
Denominator:
Basic weighted-average outstanding shares of common stock42,143,165 42,143,165 45,676,726 45,676,726 
Dilutive effect of:
Equity incentive plans
— 113,951 — 54,782 
Convertible debt — 1,398,391 — 5,158,071 
Diluted weighted-average outstanding shares of common stock42,143,165 43,655,507 45,676,726 50,889,579 
Net income per share
$1.20 $1.19 $1.04 $1.02 

For the three months ended June 30, 2025 and 2024, there were 1,484,631 and 1,322,295 shares, respectively, of stock options and restricted stock excluded from the calculation of diluted shares as they were anti-dilutive due to the average stock price during the 2025 and 2024 periods. For the six months ended June 30, 2025 and 2024, there were 851,748 and 1,136,167 shares, respectively, of stock options and restricted stock excluded from the calculation of diluted shares as they were anti-dilutive due to the average stock price during the 2025 and 2024 periods. For the three months ended June 30, 2025 and 2024, 2,631,470 and zero shares, respectively, related to convertible debt were excluded from diluted shares because they were anti-
dilutive under the if-converted method for the diluted net income per share calculation. For the six months ended June 30, 2025 and 2024, 2,631,470 and zero shares, respectively, related to convertible debt were excluded from diluted shares because they were anti-dilutive under the if-converted method for the diluted net income per share calculation.
v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s businesses are based on the organizational structure used by the chief operating decision maker (“CODM”). As described in its Annual Report on Form 10-K for the year ended December 31, 2024, the Company has five operating segments which are now presented as the following five reportable segments: 1) Technology & Shopping, 2) Gaming & Entertainment, 3) Health & Wellness, 4) Connectivity, and 5) Cybersecurity & Martech. Prior period segment information is presented on a comparable basis to conform to this new segment presentation with no effect on previously reported consolidated results.
The accounting policies of the reportable segments are the same as those described in Note 2 — Basis of Presentation and Summary of Significant Accounting Policies included in the Company’s Form 10-K for the year ended December 31, 2024. The CODM does not use Balance Sheet information in connection with operating and investment decisions and as such that information is not presented. The CODM does use capital expenditures by reportable segment in connection with operating and investment decisions.
Information on reportable segments revenues is as follows (in thousands):
Three months ended June 30,Six months ended June 30,
2025202420252024
Revenue by reportable segment:
Technology & Shopping$80,776 $72,567 $162,466 $141,834 
Gaming & Entertainment46,226 42,981 84,252 79,621 
Health & Wellness99,452 85,988 185,238 165,966 
Connectivity57,406 50,281 113,226 103,429 
Cybersecurity & Martech68,349 68,983 135,663 144,435 
Total segment revenues352,209 320,800 680,845 635,285 
Corporate
— — — — 
Total revenues$352,209 $320,800 $680,845 $635,285 

The descriptions of significant reportable segment expenses shown in the following tables are as follows:
•Salaries, benefits, and other employee expenses include employee compensation expenses for salaries, bonuses, benefits, payroll taxes, commissions, share-based compensation, severance costs, other related employee costs.
•Cloud computing, software, and other related expenses include costs associated with cloud computing, software purchases, web hosting, database hosting, and other computer related costs.
•Advertising and related marketing expenses include advertising relationships with an array of online service providers, marketing expenses, and other audience extension costs.
•Partner payments include expense associated with revenue sharing arrangements, content fees, and royalties.
•Professional and other third-party services include expenses for outside providers including freelancers, consultants, legal costs, and other professional services.
Significant reportable segment expenses are set forth in the tables below (in thousands):
Three months ended June 30, 2025
Technology & ShoppingGaming & EntertainmentHealth & WellnessConnectivityCybersecurity & MartechTotal operating costs and expenses
Salaries, benefits, and other employee expenses$35,627 $11,360 $30,308 $14,649 $17,532 $109,476 
Cloud computing, software, and other related expenses6,793 1,931 4,328 4,440 10,021 27,513 
Advertising and marketing related expenses12,445 5,241 10,890 722 4,619 33,917 
Partner payments568 7,326 12,005 247 5,782 25,928 
Professional and other third-party services6,199 1,729 3,220 4,791 4,742 20,681 
Depreciation and amortization23,049 3,054 14,371 7,272 9,821 57,567 
Other4,039 (1)4,330 (2)8,312 (3)6,481 (4)3,597 (5)26,759 
Total segment operating costs and expenses88,720 34,971 83,434 38,602 56,114 301,841 
Corporate (6)
16,885 
Total operating costs and expenses$318,726 

Three months ended June 30, 2024
Technology & ShoppingGaming & EntertainmentHealth & WellnessConnectivityCybersecurity & MartechTotal operating costs and expenses
Salaries, benefits, and other employee expenses$32,660 $11,852 $28,677 $12,524 $18,684 $104,397 
Cloud computing, software, and other related expenses6,548 1,255 3,576 4,128 9,886 25,393 
Advertising and marketing related expenses11,344 5,289 9,642 689 5,551 32,515 
Partner payments1,544 7,609 8,219 254 5,105 22,731 
Professional and other third-party services3,452 1,767 2,454 3,204 5,050 15,927 
Depreciation and amortization19,864 2,841 13,013 7,616 8,801 52,135 
Other5,222 (1)4,170 (2)7,105 (3)164 (4)4,359 (5)21,020 
Total segment operating costs and expenses80,634 34,783 72,686 28,579 57,436 274,118 
Corporate (6)
18,113 
Total operating costs and expenses$292,231 
Six months ended June 30, 2025
Technology & ShoppingGaming & EntertainmentHealth & WellnessConnectivityCybersecurity & MartechTotal operating costs and expenses
Salaries, benefits, and other employee expenses$69,576 $21,974 $55,949 $28,306 $34,748 $210,553 
Cloud computing, software, and other related expenses13,596 3,968 8,340 8,423 20,206 54,533 
Advertising and marketing related expenses24,753 7,309 19,909 2,284 9,392 63,647 
Partner payments1,512 14,065 21,884 458 11,507 49,426 
Professional and other third-party services11,897 2,818 5,294 9,363 9,230 38,602 
Depreciation and amortization45,454 5,672 27,299 14,652 20,208 113,285 
Other7,585 (1)8,417 (2)13,583 (3)11,424 (4)6,814 (5)47,823 
Total segment operating costs and expenses174,373 64,223 152,258 74,910 112,105 577,869 
Corporate (6)
34,363 
Total operating costs and expenses$612,232 

Six months ended June 30, 2024
Technology & ShoppingGaming & EntertainmentHealth & WellnessConnectivityCybersecurity & MartechTotal operating costs and expenses
Salaries, benefits, and other employee expenses$61,625 $21,820 $56,983 $26,303 $38,010 $204,741 
Cloud computing, software, and other related expenses14,196 2,408 6,995 7,297 20,026 50,922 
Advertising and marketing related expenses22,031 6,809 19,098 2,151 10,850 60,939 
Partner payments3,972 13,547 16,329 444 10,062 44,354 
Professional and other third-party services8,230 2,889 4,477 6,314 9,171 31,081 
Depreciation and amortization37,778 5,233 26,412 14,617 16,542 100,582 
Other8,703 (1)8,202 (2)13,771 (3)5,243 (4)8,799 (5)44,718 
Total segment operating costs and expenses156,535 60,908 144,065 62,369 113,460 537,337 
Corporate (6)
33,518 
Total operating costs and expenses$570,855 
(1)Other Technology & Shopping operating costs and expenses consist primarily of credit card processing fees, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(2)Other Gaming & Entertainment operating costs and expenses consist primarily of credit card processing fees, inventory-related costs, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(3)Other Health & Wellness operating costs and expenses consist primarily of app-store fees, credit card processing fees, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(4)Other Connectivity operating costs and expenses consist primarily of inventory-related costs, credit card processing fees, inventory related costs, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(5)Other Cybersecurity & Martech operating costs and expenses consist primarily of credit card processing fees, telecommunication backbone costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(6)Corporate includes costs associated with general, administrative, and other expenses (including some depreciation and amortization) that are managed on a global basis and that are not directly attributed to any particular segment.

Information on (loss) income from operations is set forth in the table below (in thousands).
Three months ended June 30,Six months ended June 30,
2025202420252024
(Loss) income from operations by reportable segment:
Technology & Shopping$(7,944)$(8,067)$(11,907)$(14,701)
Gaming & Entertainment11,255 8,198 20,029 18,713 
Health & Wellness16,018 13,302 32,980 21,901 
Connectivity18,804 21,702 38,316 41,060 
Cybersecurity & Martech12,235 11,547 23,558 30,975 
Total segment operating income
50,368 46,682 102,976 97,948 
Corporate (1)
(16,885)(18,113)(34,363)(33,518)
Income from operations
$33,483 $28,569 $68,613 $64,430 
(1)Corporate includes costs associated with general, administrative, and other expenses that are managed on a global basis and that are not directly attributable to any particular segment.

Information on capital expenditures is set forth in the table below (in thousands).
Three months ended June 30,Six months ended June 30,
2025202420252024
Capital expenditures:
Technology & Shopping$3,994 $3,741 $7,600 $7,389 
Gaming & Entertainment2,667 176 4,404 2,433 
Health & Wellness10,347 9,188 19,723 17,671 
Connectivity7,142 6,393 12,377 13,236 
Cybersecurity & Martech5,735 5,996 11,220 12,914 
Total from reportable segments29,885 25,494 55,324 53,643 
Corporate248 10 428 (10)
Total capital expenditures$30,133 $25,504 $55,752 $53,633 
v3.25.2
Supplemental Cash Flow Information
 6 Months Ended
Jun. 30, 2025
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
Non-cash investing and financing activities were as follows (in thousands):
Six months ended June 30,
20252024
Non-cash investing activity:
Sale of equity investments for common stock (1)
$4,448 $— 
Non-cash financing activity:
Excise tax on share repurchases
$431 $— 
(1)Represents 143,161 shares received in connection with the sale of our minority equity ownership interest in OpenEvidence during the three months ended June 30, 2025.

Supplemental data (in thousands):
Six months ended June 30,
20252024
Interest paid$17,905 $15,451 
Income taxes paid, net of refunds$39,823 $35,337 
v3.25.2
Accumulated Other Comprehensive Loss
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss
The following table summarizes the changes in accumulated other comprehensive income (loss) income, net of tax, for the three months ended June 30, 2025 (in thousands):
Unrealized Gains on Investments
Foreign Currency TranslationTotal
Balance as of April 1, 2025$2,392 $(73,172)$(70,780)
Other comprehensive income, net of tax
279 18,782 19,061 
Balance as of June 30, 2025
$2,671 $(54,390)$(51,719)
The following table summarizes the changes in accumulated other comprehensive income (loss) income, net of tax, for the six months ended June 30, 2025 (in thousands):
Unrealized Gains on Investments
Foreign Currency TranslationTotal
Balance as of January 1, 2025
$2,112 $(84,583)$(82,471)
Other comprehensive income, net of tax
559 30,193 30,752 
Balance as of June 30, 2025
$2,671 $(54,390)$(51,719)
There were no reclassifications out of accumulated other comprehensive loss for the three and six months ended June 30, 2025 and 2024, respectively.
v3.25.2
Insider Trading Arrangements
 6 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Basis of Presentation and Overview (Policies)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Reclassifications
Reclassifications
Certain prior year reported amounts have been reclassified to conform to the 2025 presentation. For the three and six months ended June 30, 2024, the Company reclassified depreciation of $2.6 million and $3.7 million, respectively, and amortization of $49.6 million and $96.8 million, respectively from ‘Direct costs’ and ‘General, administrative, and other related costs’, respectively, to ‘Depreciation and amortization’ to conform with current period presentation.
Accounts Receivable, net
Accounts Receivable, net
Accounts receivable, net consisted of the following (in thousands):
June 30, 2025December 31, 2024
Settlement receivables, net$231,001 $296,553 
Trade receivables, net276,291 349,120 
Other receivables15,716 14,550 
Accounts receivable, net$523,008 $660,223 
Settlement receivables, net represent amounts due from third parties that are collected by the Company and passed through to our customers, net of a fee earned by the Company, related to services provided in the facilitation of gift card processing and program management.
Accounts Payable and Accrued Expenses
Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consisted of the following (in thousands):
June 30, 2025December 31, 2024
Accounts payable$140,398 $164,352 
Settlement payables, net257,069 408,747 
Accrued employee related costs29,000 55,800 
Other accrued liabilities47,722 41,870 
Accounts payable and accrued expenses$474,189 $670,769 
Settlement payables, net represent amounts owed to our customers related to services provided in the facilitation of gift card processing and program management whereby, as part of our services we collect from third-parties and pass through payment to our customers, net of a fee earned by the Company.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
Recently issued applicable accounting pronouncements not yet adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in the update require public business entities on an annual basis to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold of equal to or greater than 5% of the amount computed by multiplying pretax income by statutory income tax rate. The amendments also require that entities disclose on an annual basis information about the amount of income taxes paid disaggregated by federal, state, and foreign taxes and the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than 5% of total income taxes paid. The amendments eliminate some of the previously required disclosures for all entities relating to estimates of the change in unrecognized tax benefits reasonably possible within twelve months. The amendments in this update are effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is permitted. This update will result in the required additional disclosures being included in our consolidated financial statements, once adopted.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expenses Disaggregation Disclosure (Subtopic 220-40), which requires disaggregated disclosure of income statement expenses for public business entities. The amendments in this update do not change the expense captions an entity presents on the face of the income statement; rather, they require disaggregation of certain expense captions into specified categories, including but not limited to purchases of inventory, employee compensation, depreciation, amortization, and selling expenses. In January 2025, the FASB issued ASU 2025-01, Income Statements - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This update, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. This update will result in the required additional disclosures being included in our consolidated financial statements, once adopted.
Revenue Recognition
The following describes the nature of the Company’s primary types of revenues.
Advertising and Performance Marketing
Advertising and performance marketing revenues are earned primarily from the delivery of advertising services and from marketing, performance marketing, and production services. Revenues from the delivery of advertising services are earned on websites and applications that are owned and operated by the Company and on those websites and applications that are part of the Company’s advertising network. Revenues are primarily earned by generating traffic to the Company’s websites, apps, and third-party platforms on which brands of the Company have a presence and monetize this traffic. The value provided to the customer is primarily derived from the provision of traffic the Company generates from its specific content within each vertical, as well as data obtained by the website or app traffic. Such revenues are generally recognized over the period in which the products or services are delivered.
The Company determines whether revenues should be reported on a gross or net basis by assessing whether the Company is acting as the principal or an agent in the transaction, respectively. The vast majority of the Company’s advertising and performance marketing revenues are recognized on a gross basis as the Company primarily acts as a “principal” as defined under ASC Topic 606, Revenue from Contracts with Customer (“ASC 606”). Revenues recognized on a gross basis are generated (i) by the Company serving online display and video advertising across its owned and operated web properties, on third-party sites, or on unaffiliated advertising networks; and (ii) through the Company’s lead-generation business. The Company records revenues on a net basis with respect to revenues paid to the Company by certain third-party advertising networks who serve online display and video advertising across the Company’s owned-and-operated web properties and certain third-party platforms. The Company also records revenues on a net basis with respect to the transfer of functional intellectual property through third-party gaming platforms and with respect to revenues earned from servicing client gift card programs.
Subscription and Licensing
Revenues from subscriptions are earned through (i) the granting of access to, or delivery of, data products or services to customers; (ii) usage-based fees, and (iii) reselling various third-party solutions, primarily through the Company’s email security line of business. Subscriptions cover video games and related content, health information, data, and other copyrighted material. Revenues are also earned from listing fees, subscriptions to online publications, and from other sources. Third-party solutions, along with the Company’s proprietary products, allow the Company to offer customers a variety of solutions to better meet the customer’s needs. Subscription revenues are primarily recognized over the contract term. Revenues related to the provision of access to historical data for certain services are recorded at the time of delivery. In instances where usage-based fees are charged, a significant portion of which are paid in advance, the Company defers the portions of monthly, quarterly, semi-annual, and annual fees collected in advance of the satisfaction of performance obligations and recognizes them in the period earned.
Licensing revenues are earned through the license of certain assets to clients. Assets are licensed for clients’ use in their own promotional materials or otherwise and may include logos, editorial reviews, or other copyrighted material that represent symbolic intellectual property, as defined in ASC 606. Revenues under such license agreements are generally recognized over the contract term. In instances when technology assets in the form of functional intellectual property are licensed to the Company’s clients, revenues from the license of these assets are recognized at a point in time.
Licensing revenues also include revenues from transactions involving the sale of perpetual software licenses, related software support, and maintenance. Revenues will be recognized when the obligations are met, either over time or at a point in time, depending on the nature of the obligation.
•Revenues from software license performance obligations are generally recognized upfront at the point in time that the software is made available to the customer for download and use.
•Revenues from related software support and maintenance are generally recognized ratably over the contractual period, because technical support, unspecified software product upgrades, maintenance releases, and patches are provided to customers on an as needed basis and they are available during the term of the support period.
The Company determines whether revenues should be reported on a gross or net basis by assessing whether the Company is acting as the principal or an agent in the transaction, respectively. The vast majority of the subscription and licensing revenues are recognized on a gross basis as the Company primarily acts as a “principal” as defined under ASC 606. The Company records revenues on a gross basis with respect to revenues generated from the resale of various third-party solutions, primarily through its email security line of business, because the Company has control of the specified good or service prior to transferring control to the customer.
Other
Other revenues primarily include those from the sale of hardware used in conjunction with software described above, online course revenues, and game publishing revenues. Hardware product and related software performance obligations, such as those relating to an operating system or firmware, are highly interdependent and interrelated and are accounted for as a bundled performance obligation. The revenues for this bundled performance obligation are generally recognized at the point in time that the hardware and software products are delivered and ownership is transferred to the customer.
The Company determines whether revenues should be reported on a gross or net basis by assessing whether the Company is acting as the principal or an agent in the transaction, respectively. The majority of the Company’s other revenues are recognized on a gross basis as the Company primarily acts as a “principal” as defined under ASC 606. The Company records revenues on a net basis with respect to games sold on third-party platforms.
Performance Obligations
The Company may be a party to multiple concurrent contracts with the same customers, or a party or parties related to those customers. Some of these situations may require an evaluation to determine if those arrangements should be accounted for as a single contract. The Company’s contracts with customers may include multiple performance obligations, including contracts when advertising and licensing services are sold together.
The Company determines the transaction price based on the amount to which the Company expects to be entitled in exchange for services provided. The Company includes any fixed consideration within its contracts as part of the total transaction price. The Company’s contracts occasionally contain variable consideration, such as commissions that are recognized in the period of the commissionable event. Payment terms vary by type and location of customers and the services offered. The time between invoicing and when payment is due is generally not significant. Due to the nature of the services provided, there are no obligations for returns.
Advertising and performance marketing revenues consist primarily of performance obligations that are satisfied over time, where the customer simultaneously receives and consumes the benefit of the services provided. In certain instances, the Company provides content to its advertising partners and receives a revenue share based on the terms of the agreement. Revenues are recognized based on delivery of services over the contract period for advertising. The Company believes that the methods described are a faithful depiction of the transfer of goods and services. Depending on individual contracts with customers, revenues from advertising and performance marketing revenues are recognized over time as distinct performance obligations are satisfied, including when:
•Online display and video advertising in form of impressions, video views and other means is placed for viewing on the Company’s owned-and-operated properties and on third-party sites.
•Commissions are earned upon the sale of an advertised product.
•Qualified sales leads are delivered.
•Visitor “clicks through” an advertisement.
Subscription and licensing revenues are earned from (i) subscription services with performance obligations that are satisfied over time; and (ii) licensing arrangements that have standalone functionality with performance obligations satisfied at a point in time, where the customer simultaneously receives and consumes the benefit of the services provided regardless of whether the customer uses the services. The Company believes that the methods described are a faithful depiction of the transfer of goods and services. Depending on the individual contracts with the customer, revenues for subscription and licensing services are recognized over the contract period as distinct performance obligations are satisfied, including when:
•Voice, email marketing, and search engine optimization as services are delivered.
•Consumer privacy services and data backup capabilities are provided.
•Security solutions, including email and endpoint, are provided.
•Access is granted to data products and services.
•Continuing access to the content on our websites and apps is provided.
The Company has concluded the best measure of progress toward the complete satisfaction of the performance obligation delivered over the time is a time-based measure. The Company recognizes revenues on a straight-line basis throughout the subscription period, or as usage occurs, or when functional intellectual property is delivered for services outside of the subscription.
Other revenues consist primarily of performance obligations that are satisfied at a point in time at which control for goods and services is transferred to a customer. The Company believes that the methods described are a faithful depiction of the transfer of goods and services.
Fair Value Measurements
The Company complies with the provisions of ASC 820, which defines fair value, provides a framework for measuring fair value and expands the disclosures required for fair value measurements of financial and non-financial assets and liabilities. ASC 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value.
§Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
§Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
§Level 3 – Unobservable inputs which are supported by little or no market activity.
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
Recurring Fair Value Measurements
The Company’s money market funds are classified within Level 1. The Company values these Level 1 investments using quoted market prices.
The fair value of the Company’s investment in Consensus common stock was determined using quoted market prices, which is Level 1 input. During the second quarter of 2024, the Company sold its remaining investments in Consensus common stock (see Note 4 - Investments).
The Company has an investment in a corporate debt security that does not have a readily determinable fair value because the acquired security is privately held, not traded on any public exchange and not an investment in a mutual fund or similar investment. The investment in corporate debt securities is classified as available-for-sale and is initially measured at its transaction price. The fair value of the corporate debt securities is determined primarily based on estimates and assumptions, including Level 3 inputs. As of June 30, 2025 and December 31, 2024, the fair value was determined based upon various probability-weighted scenarios which included discount rate assumptions between 9% and 10%, depending on the probability scenario. In addition, the determination of fair value included a conversion timeframe of approximately three months to two years, depending on the probability scenario, as of June 30, 2025 and three months to two years, depending on the probability scenario, as of December 31, 2024.
The Company classifies its contingent consideration liability in connection with acquisitions within Level 3 because factors used to develop the estimated fair value are unobservable inputs, such as volatility and market risks, and are not supported by market activity. The valuation approaches used to value Level 3 investments considers unobservable inputs in the market such as time to liquidity, volatility, risk-free rates, dividend yield, and breakpoints. The Company also estimates the fair value of certain contingent consideration arrangements based upon its current expectation of achievement of the targets underlying the contingent consideration. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement.
In connection with certain of the Company’s acquisitions, contingent consideration may be payable upon achieving certain future earnings before interest, taxes, depreciation and amortization (“EBITDA”), gross margin, and/or revenue thresholds and had a combined fair value of $6.4 million and $2.8 million as of June 30, 2025 and December 31, 2024, respectively. As of June 30, 2025, the possible payments under these arrangements ranged from zero to a maximum total of $8.4 million. As of December 31, 2024, the possible payments under these arrangements ranged from zero to a maximum total of $2.8 million. As of December 31, 2024, the contingent consideration was determined using a 100% probability of payout at the maximum amount, without any other estimates applied.
v3.25.2
Basis of Presentation and Overview (Tables)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Accounts Receivable
Accounts receivable, net consisted of the following (in thousands):
June 30, 2025December 31, 2024
Settlement receivables, net$231,001 $296,553 
Trade receivables, net276,291 349,120 
Other receivables15,716 14,550 
Accounts receivable, net$523,008 $660,223 
Schedule of Accounts Payable and Accrued Liabilities
Accounts payable and accrued expenses consisted of the following (in thousands):
June 30, 2025December 31, 2024
Accounts payable$140,398 $164,352 
Settlement payables, net257,069 408,747 
Accrued employee related costs29,000 55,800 
Other accrued liabilities47,722 41,870 
Accounts payable and accrued expenses$474,189 $670,769 
v3.25.2
Revenues (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
Revenues from external customers classified by revenue source are as follows (in thousands):
Three months ended June 30,Six months ended June 30,
2025 (1)
2024 (1)
2025 (1)
2024 (1)
Technology & Shopping
Advertising and performance marketing$78,798 $69,253 $158,274 $135,160 
Subscription and licensing2,626 1,866 4,804 3,561 
Other(648)1,448 (612)3,113 
Total Technology & Shopping revenues$80,776 $72,567 $162,466 $141,834 
Gaming & Entertainment
Advertising and performance marketing$32,251 $28,175 $56,622 $50,930 
Subscription and licensing13,965 14,806 27,611 28,691 
Other10 — 19 — 
Total Gaming & Entertainment revenues$46,226 $42,981 $84,252 $79,621 
Health & Wellness
Advertising and performance marketing$82,537 $70,367 $151,462 $134,814 
Subscription and licensing13,687 12,204 26,815 23,788 
Other3,228 3,417 6,961 7,364 
Total Health & Wellness revenues$99,452 $85,988 $185,238 $165,966 
Connectivity
Advertising and performance marketing$3,221 $2,545 $5,689 $5,514 
Subscription and licensing50,272 43,889 99,934 90,192 
Other3,913 3,847 7,603 7,723 
Total Connectivity revenues$57,406 $50,281 $113,226 $103,429 
Cybersecurity & Martech
Subscription and licensing$68,349 $68,983 $135,663 $144,435 
Other— — — — 
Total Cybersecurity & Martech revenues$68,349 $68,983 $135,663 $144,435 
Corporate$— $— $— $— 
Total Revenues$352,209 $320,800 $680,845 $635,285 
(1)Amounts presented are net of inter-segment revenues.
v3.25.2
Acquisitions (Tables)
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Summary of Preliminary Purchase Consideration
The following table summarizes the fair value amounts recognized for the assets acquired and liabilities assumed for our 2024 acquisitions (in thousands):
Valuation
TDS
CNET (2)
Assets and Liabilities
Cash
$142,957 $— 
Accounts receivable and other current assets (1)
171,290 16,904 
Intangible assets
108,340 100,500 
Goodwill (2)
81,248 36,479 
Deferred tax asset, noncurrent
— 11,412 
Other assets
203 780 
Accounts payable and other current liabilities
(290,161)(11,827)
Deferred tax liability, noncurrent
(25,442)— 
Other noncurrent liabilities
(847)— 
Total
$187,588 $154,248 
(1)The fair value of the assets acquired includes accounts receivable of $170.7 million (including Settlement receivables, net of $166.8 million) related to TDS and $16.2 million related to CNET.
(2)During the six months ended June 30, 2025, we recorded a measurement period adjustment of $(1.2) million to Customer relationships, $0.7 million to Other purchased intangibles assets, $0.6 million to Accounts receivable and other current assets, with corresponding adjustments to Goodwill.
v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Values of Financial Instruments Measured On Recurring Basis
The following tables present the fair values of the Company’s financial assets or liabilities that are measured at fair value on a recurring basis (in thousands):
June 30, 2025Level 1Level 2Level 3Fair ValueCarrying Value
Assets:
Cash equivalents:
Money market and other funds$111,914 $— $— $111,914 $111,914 
Long-term investments:
Investment in corporate debt securities— — 18,534 18,534 18,534 
Total assets measured at fair value$111,914 $— $18,534 $130,448 $130,448 
Liabilities:
Contingent consideration$— $— $6,381 $6,381 $6,381 
Total liabilities measured at fair value$— $— $6,381 $6,381 $6,381 
December 31, 2024Level 1Level 2Level 3Fair ValueCarrying Value
Assets:
Cash equivalents:
Money market and other funds$85,833 $— $— $85,833 $85,833 
Long-term investments:
Investment in corporate debt securities— — 17,788 17,788 17,788 
Total assets measured at fair value$85,833 $— $17,788 $103,621 $103,621 
Liabilities:
Contingent consideration$— $— $2,834 $2,834 $2,834 
Total liabilities measured at fair value$— $— $2,834 $2,834 $2,834 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table presents a reconciliation of the Company’s Level 3 financial assets related to our contingent consideration arrangements and investment in corporate debt securities that are measured at fair value on a recurring basis (in thousands):
Six months ended June 30,
20252024
Contingent Consideration ArrangementsCorporate Debt SecuritiesContingent Consideration ArrangementsCorporate Debt Securities
Balance as of January 1$2,834 $17,788 $2,834 $15,699 
Fair value at date of acquisition5,865 — — — 
Fair value adjustments (1)
(2,318)746 — 360 
Balance as of June 30$6,381 $18,534 $2,834 $16,059 
(1)The fair value adjustments to the contingent consideration arrangements in the table above were recorded within ‘General, administrative, and other related costs’ in the Condensed Consolidated Statements of Operations during the six months ended June 30, 2025 and relate to changes in the expected payout against financial targets. The fair value adjustments to the corporate debt securities in the table above were recorded in ‘Change in fair value on available-for-sale investments, net’ in the Condensed Consolidated Statements of Comprehensive Income (Loss) during the six months ended June 30, 2025 and 2024.
Schedule of Carrying and Fair Values
The following table presents the carrying value and the fair value of financial instruments measured at fair value only for disclosure purposes (in thousands):
June 30, 2025December 31, 2024
Carrying ValueFair ValueCarrying ValueFair Value
4.625% Senior Notes
$460,038 $423,235 $457,211 $420,935 
1.75% Convertible Notes
$149,109 $141,803 $148,186 $139,976 
3.625% Convertible Notes
$263,147 $247,221 $258,885 $259,200 
v3.25.2
Goodwill and Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in Carrying Amounts of Goodwill
The changes in carrying amounts of goodwill for the six months ended June 30, 2025 are as follows (in thousands):
Technology & ShoppingGaming & EntertainmentHealth & WellnessConnectivityCybersecurity & MartechConsolidated
Balance as of January 1, 2025
$322,057 $68,301 $403,056 $256,942 $529,902 $1,580,258 
Goodwill acquired (Note 3)
— 11,743 693 — 11,935 24,371 
Purchase accounting adjustments (1)
(128)48 — — 123 43 
Foreign exchange translation2 775 1,289 2,783 9,961 14,810 
Balance as of June 30, 2025$321,931 $80,867 $405,038 $259,725 $551,921 $1,619,482 
(1)Purchase accounting adjustments relate to measurement period adjustments to goodwill in connection with prior business acquisitions (see Note 3 — Business Acquisitions).
Intangible Assets Subject to Amortization
As of June 30, 2025, intangible assets subject to amortization relate primarily to the following (in thousands):
Historical
Cost		Accumulated
Amortization		Net
Trade names and trademarks$381,501 $237,376 $144,125 
Customer relationships
857,248 656,522 200,726 
Other purchased intangibles419,087 366,312 52,775 
Total$1,657,836 $1,260,210 $397,626 

As of December 31, 2024, intangible assets subject to amortization relate primarily to the following (in thousands):
Historical
Cost		Accumulated
Amortization		Net
Trade names and trademarks$375,449 $222,430 $153,019 
Customer relationships
836,254 620,926 215,328 
Other purchased intangibles421,128 363,726 57,402 
Total$1,632,831 $1,207,082 $425,749 
v3.25.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Long-term debt consists of the following (in thousands):
June 30, 2025December 31, 2024
4.625% Senior Notes
$460,038 $460,038 
1.75% Convertible Notes
149,109 149,109 
3.625% Convertible Notes
263,147 263,147 
Total Notes872,294 872,294 
Credit Agreement— — 
Less: Unamortized discount(4,987)(5,676)
Deferred issuance costs (1)
(1,927)(2,336)
Total long-term debt$865,380 $864,282 
(1)Includes $0.6 million and $0.7 million of carrying amount of deferred issuance costs on the 4.625% Senior Notes as of June 30, 2025 and December 31, 2024, respectively, $0.7 million and $0.9 million of carrying amount of deferred issuance costs on the 1.75% Convertible Notes as of June 30, 2025 and December 31, 2024, respectively, and $0.6 million and $0.7 million of carrying amount of deferred issuance costs on the 3.625% Convertible Notes as of June 30, 2025 and December 31, 2024, respectively.
Schedule of Debt
The following table provides the components of interest expense related to the 1.75% Convertible Notes (in thousands):
Three months ended June 30,Six months ended June 30,
2025202420252024
Contractual interest expense$652 $2,406 $1,305 $4,812 
Amortization of discount and deferred issuance costs
124 473 248 943 
Total interest expense related to 1.75% Convertible Notes
$776 $2,879 $1,553 $5,755 
The following table provides the components of interest expense related to the 3.625% Convertible Notes (in thousands):
Three months endedSix months ended
June 30, 2025
Coupon interest expense$2,385 $4,770 
Amortization of discount and debt issuance costs
319 636 
Total interest expense related to 3.625% Convertible Notes
$2,704 $5,406 
v3.25.2
Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award
The following table presents the effects of share-based compensation expense in the Condensed Consolidated Statements of Operations during the periods presented (in thousands):
Three months ended June 30,Six months ended June 30,
2025202420252024
Direct costs
$68 $62 $131 $123 
Sales and marketing1,349 1,093 2,335 1,851 
Research, development, and engineering937 1,071 1,727 2,161 
General, administrative, and other related costs
9,373 9,374 17,286 16,337 
Total share-based compensation expense$11,727 $11,600 $21,479 $20,472 
Market-Based Restricted Stock Awards, Valuation Assumptions
The assumptions used in determining the weighted-average fair values of PSUs granted during the periods presented are as follows:
Six months ended June 30,
20252024
Underlying stock price at valuation date$38.19 $66.88 
Expected volatility34.5 %32.9 %
Risk-free interest rate3.9 %4.3 %
Restricted Stock and Restricted Stock Unit Award Activity
Restricted stock award (“RSA”) and PSA activity for the six months ended June 30, 2025 is set forth below:
RSAs
PSAs
Number of
Shares
Weighted Average
Grant Date
Fair Value
Number of
Shares
Weighted Average
Grant Date
Fair Value
Nonvested at January 1, 202554,829 $68.97 163,181 $36.27 
Granted— $— — $— 
Vested(27,197)$68.97 — $— 
Forfeited
— $— — $— 
Nonvested at June 30, 2025
27,632 $68.97 163,181 $36.27 
  
Restricted stock unit (“RSU”) and PSU activity for the six months ended June 30, 2025 is set forth below:
RSUs
PSUs
Number of
Shares

Weighted Average Grant Date Fair Value
Number of Shares (1)
Weighted Average Grant Date Fair Value
Outstanding at January 1, 2025652,227 $74.59 520,986 $82.73 
Granted730,803 $37.42 598,676 $38.80 
Vested(247,175)$73.37 (23,477)$78.73 
Forfeited
(23,560)$60.89 (41,093)$65.51 
Outstanding at June 30, 2025
1,112,295 $50.73 1,055,092 $58.12 
(1)Represents the number of shares at 100% achievement.
v3.25.2
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Components of Basic and Diluted Earnings Per Share
The components of basic and diluted earnings per share are as follows (in thousands, except share and per share data):
Three months ended June 30,
20252024
BasicDilutedBasicDiluted
Numerator for basic and diluted net loss per common share:
Net income
$26,343 $26,343 $36,910 $36,910 
Less: Net loss available to participating
securities
— — — — 
Plus: Convertible Notes interest expense (after-tax)
— 583 — 2,159 
Net income available to the Company’s common shareholders
$26,343 $26,926 $36,910 $39,069 
Denominator:
Basic weighted-average outstanding shares of common stock41,732,800 41,732,800 45,492,809 45,492,809 
Dilutive effect of:
Equity incentive plans
— 17,313 — 14,232 
Convertible debt — 1,398,391 — 5,158,071 
Diluted weighted-average outstanding shares of common stock41,732,800 43,148,504 45,492,809 50,665,112 
Net income per share
$0.63 $0.62 $0.81 $0.77 

Six months ended June 30,
20252024
BasicDilutedBasicDiluted
Numerator for basic and diluted net loss per common share:
Net income
$50,582 $50,582 $47,537 $47,537 
Less: Net loss available to participating
securities
— — — — 
Plus: Convertible Notes interest expense (after-tax)
— 1,164 — 4,317 
Net income available to the Company’s common shareholders
$50,582 $51,746 $47,537 $51,854 
Denominator:
Basic weighted-average outstanding shares of common stock42,143,165 42,143,165 45,676,726 45,676,726 
Dilutive effect of:
Equity incentive plans
— 113,951 — 54,782 
Convertible debt — 1,398,391 — 5,158,071 
Diluted weighted-average outstanding shares of common stock42,143,165 43,655,507 45,676,726 50,889,579 
Net income per share
$1.20 $1.19 $1.04 $1.02 
v3.25.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Reconciliation of Total Segment Operating Income to Consolidated Operating Income
Information on reportable segments revenues is as follows (in thousands):
Three months ended June 30,Six months ended June 30,
2025202420252024
Revenue by reportable segment:
Technology & Shopping$80,776 $72,567 $162,466 $141,834 
Gaming & Entertainment46,226 42,981 84,252 79,621 
Health & Wellness99,452 85,988 185,238 165,966 
Connectivity57,406 50,281 113,226 103,429 
Cybersecurity & Martech68,349 68,983 135,663 144,435 
Total segment revenues352,209 320,800 680,845 635,285 
Corporate
— — — — 
Total revenues$352,209 $320,800 $680,845 $635,285 

The descriptions of significant reportable segment expenses shown in the following tables are as follows:
•Salaries, benefits, and other employee expenses include employee compensation expenses for salaries, bonuses, benefits, payroll taxes, commissions, share-based compensation, severance costs, other related employee costs.
•Cloud computing, software, and other related expenses include costs associated with cloud computing, software purchases, web hosting, database hosting, and other computer related costs.
•Advertising and related marketing expenses include advertising relationships with an array of online service providers, marketing expenses, and other audience extension costs.
•Partner payments include expense associated with revenue sharing arrangements, content fees, and royalties.
•Professional and other third-party services include expenses for outside providers including freelancers, consultants, legal costs, and other professional services.
Significant reportable segment expenses are set forth in the tables below (in thousands):
Three months ended June 30, 2025
Technology & ShoppingGaming & EntertainmentHealth & WellnessConnectivityCybersecurity & MartechTotal operating costs and expenses
Salaries, benefits, and other employee expenses$35,627 $11,360 $30,308 $14,649 $17,532 $109,476 
Cloud computing, software, and other related expenses6,793 1,931 4,328 4,440 10,021 27,513 
Advertising and marketing related expenses12,445 5,241 10,890 722 4,619 33,917 
Partner payments568 7,326 12,005 247 5,782 25,928 
Professional and other third-party services6,199 1,729 3,220 4,791 4,742 20,681 
Depreciation and amortization23,049 3,054 14,371 7,272 9,821 57,567 
Other4,039 (1)4,330 (2)8,312 (3)6,481 (4)3,597 (5)26,759 
Total segment operating costs and expenses88,720 34,971 83,434 38,602 56,114 301,841 
Corporate (6)
16,885 
Total operating costs and expenses$318,726 

Three months ended June 30, 2024
Technology & ShoppingGaming & EntertainmentHealth & WellnessConnectivityCybersecurity & MartechTotal operating costs and expenses
Salaries, benefits, and other employee expenses$32,660 $11,852 $28,677 $12,524 $18,684 $104,397 
Cloud computing, software, and other related expenses6,548 1,255 3,576 4,128 9,886 25,393 
Advertising and marketing related expenses11,344 5,289 9,642 689 5,551 32,515 
Partner payments1,544 7,609 8,219 254 5,105 22,731 
Professional and other third-party services3,452 1,767 2,454 3,204 5,050 15,927 
Depreciation and amortization19,864 2,841 13,013 7,616 8,801 52,135 
Other5,222 (1)4,170 (2)7,105 (3)164 (4)4,359 (5)21,020 
Total segment operating costs and expenses80,634 34,783 72,686 28,579 57,436 274,118 
Corporate (6)
18,113 
Total operating costs and expenses$292,231 
Six months ended June 30, 2025
Technology & ShoppingGaming & EntertainmentHealth & WellnessConnectivityCybersecurity & MartechTotal operating costs and expenses
Salaries, benefits, and other employee expenses$69,576 $21,974 $55,949 $28,306 $34,748 $210,553 
Cloud computing, software, and other related expenses13,596 3,968 8,340 8,423 20,206 54,533 
Advertising and marketing related expenses24,753 7,309 19,909 2,284 9,392 63,647 
Partner payments1,512 14,065 21,884 458 11,507 49,426 
Professional and other third-party services11,897 2,818 5,294 9,363 9,230 38,602 
Depreciation and amortization45,454 5,672 27,299 14,652 20,208 113,285 
Other7,585 (1)8,417 (2)13,583 (3)11,424 (4)6,814 (5)47,823 
Total segment operating costs and expenses174,373 64,223 152,258 74,910 112,105 577,869 
Corporate (6)
34,363 
Total operating costs and expenses$612,232 

Six months ended June 30, 2024
Technology & ShoppingGaming & EntertainmentHealth & WellnessConnectivityCybersecurity & MartechTotal operating costs and expenses
Salaries, benefits, and other employee expenses$61,625 $21,820 $56,983 $26,303 $38,010 $204,741 
Cloud computing, software, and other related expenses14,196 2,408 6,995 7,297 20,026 50,922 
Advertising and marketing related expenses22,031 6,809 19,098 2,151 10,850 60,939 
Partner payments3,972 13,547 16,329 444 10,062 44,354 
Professional and other third-party services8,230 2,889 4,477 6,314 9,171 31,081 
Depreciation and amortization37,778 5,233 26,412 14,617 16,542 100,582 
Other8,703 (1)8,202 (2)13,771 (3)5,243 (4)8,799 (5)44,718 
Total segment operating costs and expenses156,535 60,908 144,065 62,369 113,460 537,337 
Corporate (6)
33,518 
Total operating costs and expenses$570,855 
(1)Other Technology & Shopping operating costs and expenses consist primarily of credit card processing fees, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(2)Other Gaming & Entertainment operating costs and expenses consist primarily of credit card processing fees, inventory-related costs, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(3)Other Health & Wellness operating costs and expenses consist primarily of app-store fees, credit card processing fees, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(4)Other Connectivity operating costs and expenses consist primarily of inventory-related costs, credit card processing fees, inventory related costs, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(5)Other Cybersecurity & Martech operating costs and expenses consist primarily of credit card processing fees, telecommunication backbone costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(6)Corporate includes costs associated with general, administrative, and other expenses (including some depreciation and amortization) that are managed on a global basis and that are not directly attributed to any particular segment.

Information on (loss) income from operations is set forth in the table below (in thousands).
Three months ended June 30,Six months ended June 30,
2025202420252024
(Loss) income from operations by reportable segment:
Technology & Shopping$(7,944)$(8,067)$(11,907)$(14,701)
Gaming & Entertainment11,255 8,198 20,029 18,713 
Health & Wellness16,018 13,302 32,980 21,901 
Connectivity18,804 21,702 38,316 41,060 
Cybersecurity & Martech12,235 11,547 23,558 30,975 
Total segment operating income
50,368 46,682 102,976 97,948 
Corporate (1)
(16,885)(18,113)(34,363)(33,518)
Income from operations
$33,483 $28,569 $68,613 $64,430 
(1)Corporate includes costs associated with general, administrative, and other expenses that are managed on a global basis and that are not directly attributable to any particular segment.
Schedule of Segment Reporting Information, by Segment
Information on capital expenditures is set forth in the table below (in thousands).
Three months ended June 30,Six months ended June 30,
2025202420252024
Capital expenditures:
Technology & Shopping$3,994 $3,741 $7,600 $7,389 
Gaming & Entertainment2,667 176 4,404 2,433 
Health & Wellness10,347 9,188 19,723 17,671 
Connectivity7,142 6,393 12,377 13,236 
Cybersecurity & Martech5,735 5,996 11,220 12,914 
Total from reportable segments29,885 25,494 55,324 53,643 
Corporate248 10 428 (10)
Total capital expenditures$30,133 $25,504 $55,752 $53,633 
v3.25.2
Supplemental Cash Flow Information (Tables)
 6 Months Ended
Jun. 30, 2025
Supplemental Cash Flow Elements [Abstract]  
Schedule of Other Significant Noncash Transactions
Non-cash investing and financing activities were as follows (in thousands):
Six months ended June 30,
20252024
Non-cash investing activity:
Sale of equity investments for common stock (1)
$4,448 $— 
Non-cash financing activity:
Excise tax on share repurchases
$431 $— 
(1)Represents 143,161 shares received in connection with the sale of our minority equity ownership interest in OpenEvidence during the three months ended June 30, 2025.
Other Supplemental Data
Supplemental data (in thousands):
Six months ended June 30,
20252024
Interest paid$17,905 $15,451 
Income taxes paid, net of refunds$39,823 $35,337 
v3.25.2
Accumulated Other Comprehensive Loss (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Summary of Changes in Accumulated Other Comprehensive (Loss) Income
The following table summarizes the changes in accumulated other comprehensive income (loss) income, net of tax, for the three months ended June 30, 2025 (in thousands):
Unrealized Gains on Investments
Foreign Currency TranslationTotal
Balance as of April 1, 2025$2,392 $(73,172)$(70,780)
Other comprehensive income, net of tax
279 18,782 19,061 
Balance as of June 30, 2025
$2,671 $(54,390)$(51,719)
The following table summarizes the changes in accumulated other comprehensive income (loss) income, net of tax, for the six months ended June 30, 2025 (in thousands):
Unrealized Gains on Investments
Foreign Currency TranslationTotal
Balance as of January 1, 2025
$2,112 $(84,583)$(82,471)
Other comprehensive income, net of tax
559 30,193 30,752 
Balance as of June 30, 2025
$2,671 $(54,390)$(51,719)
v3.25.2
Basis of Presentation and Overview - Narrative (Details) - Revision of Prior Period, Reclassification, Adjustment - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2024
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Depreciation $ 2.6 $ 3.7
Amortization $ 49.6 $ 96.8
v3.25.2
Basis of Presentation and Overview - Accounts Receivable (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Settlement receivables, net $ 231,001 $ 296,553
Trade receivables, net 276,291 349,120
Other receivables 15,716 14,550
Accounts receivable, net $ 523,008 $ 660,223
v3.25.2
Basis of Presentation and Overview - Accounts Payable (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accounts payable $ 140,398 $ 164,352
Settlement payables, net 257,069 408,747
Accrued employee related costs 29,000 55,800
Other accrued liabilities 47,722 41,870
Accounts payable and accrued expenses $ 474,189 $ 670,769
v3.25.2
Revenues (Disaggregation of Revenue) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Total revenues $ 352,209 $ 320,800 $ 680,845 $ 635,285
Operating Segments        
Disaggregation of Revenue [Line Items]        
Total revenues 352,209 320,800 680,845 635,285
Operating Segments | Technology & Shopping        
Disaggregation of Revenue [Line Items]        
Total revenues 80,776 72,567 162,466 141,834
Operating Segments | Gaming & Entertainment        
Disaggregation of Revenue [Line Items]        
Total revenues 46,226 42,981 84,252 79,621
Operating Segments | Health & Wellness        
Disaggregation of Revenue [Line Items]        
Total revenues 99,452 85,988 185,238 165,966
Operating Segments | Connectivity        
Disaggregation of Revenue [Line Items]        
Total revenues 57,406 50,281 113,226 103,429
Operating Segments | Cybersecurity & Martech        
Disaggregation of Revenue [Line Items]        
Total revenues 68,349 68,983 135,663 144,435
Operating Segments | Advertising and performance marketing | Technology & Shopping        
Disaggregation of Revenue [Line Items]        
Total revenues 78,798 69,253 158,274 135,160
Operating Segments | Advertising and performance marketing | Gaming & Entertainment        
Disaggregation of Revenue [Line Items]        
Total revenues 32,251 28,175 56,622 50,930
Operating Segments | Advertising and performance marketing | Health & Wellness        
Disaggregation of Revenue [Line Items]        
Total revenues 82,537 70,367 151,462 134,814
Operating Segments | Advertising and performance marketing | Connectivity        
Disaggregation of Revenue [Line Items]        
Total revenues 3,221 2,545 5,689 5,514
Operating Segments | Subscription and licensing | Technology & Shopping        
Disaggregation of Revenue [Line Items]        
Total revenues 2,626 1,866 4,804 3,561
Operating Segments | Subscription and licensing | Gaming & Entertainment        
Disaggregation of Revenue [Line Items]        
Total revenues 13,965 14,806 27,611 28,691
Operating Segments | Subscription and licensing | Health & Wellness        
Disaggregation of Revenue [Line Items]        
Total revenues 13,687 12,204 26,815 23,788
Operating Segments | Subscription and licensing | Connectivity        
Disaggregation of Revenue [Line Items]        
Total revenues 50,272 43,889 99,934 90,192
Operating Segments | Subscription and licensing | Cybersecurity & Martech        
Disaggregation of Revenue [Line Items]        
Total revenues 68,349 68,983 135,663 144,435
Operating Segments | Other | Technology & Shopping        
Disaggregation of Revenue [Line Items]        
Total revenues (648) 1,448 (612) 3,113
Operating Segments | Other | Gaming & Entertainment        
Disaggregation of Revenue [Line Items]        
Total revenues 10 0 19 0
Operating Segments | Other | Health & Wellness        
Disaggregation of Revenue [Line Items]        
Total revenues 3,228 3,417 6,961 7,364
Operating Segments | Other | Connectivity        
Disaggregation of Revenue [Line Items]        
Total revenues 3,913 3,847 7,603 7,723
Operating Segments | Other | Cybersecurity & Martech        
Disaggregation of Revenue [Line Items]        
Total revenues 0 0 0 0
Corporate        
Disaggregation of Revenue [Line Items]        
Total revenues $ 0 $ 0 $ 0 $ 0
v3.25.2
Revenues (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Contract liability, revenue recognized $ 54.8 $ 58.3 $ 138.9 $ 132.4
Revenue, remaining performance obligation $ 81.9   $ 81.9  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01        
Disaggregation of Revenue [Line Items]        
Remaining performance obligation, percent 38.00%   38.00%  
Remaining performance obligation, period 6 months   6 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01        
Disaggregation of Revenue [Line Items]        
Remaining performance obligation, percent 41.00%   41.00%  
Remaining performance obligation, period 1 year   1 year  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01        
Disaggregation of Revenue [Line Items]        
Remaining performance obligation, percent 21.00%   21.00%  
Remaining performance obligation, period    
v3.25.2
Acquisitions (Narrative) (Details)
$ in Thousands
 6 Months Ended 12 Months Ended
Feb. 05, 2025
acquisition
Jun. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
acquisition
Jun. 30, 2025
USD ($)
investment
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Feb. 05, 2024
Business Combination [Line Items]              
Number of businesses acquired     1 4      
Total consideration net of cash   $ 50,345     $ 56,698    
Goodwill   1,619,482 $ 1,619,482 $ 1,619,482   $ 1,580,258  
Business Combination, Series of Individually Immaterial Business Combinations              
Business Combination [Line Items]              
Number of businesses acquired | acquisition 2   5        
Fiscal 2025 Acquisition              
Business Combination [Line Items]              
Consideration paid in cash   64,000 $ 64,000 64,000      
Total consideration net of cash   58,900          
Goodwill   24,400 24,400 24,400      
Expected income tax deductible amount   14,800 $ 14,800 $ 14,800      
Definite-lived intangible assets acquired   30,700          
Fiscal 2025 Acquisition | Customer Relationships              
Business Combination [Line Items]              
Definite-lived intangible assets acquired   6,100          
Fiscal 2025 Acquisition | Trade names and trademarks              
Business Combination [Line Items]              
Definite-lived intangible assets acquired   16,400          
Fiscal 2025 Acquisition | Other Intangible Assets              
Business Combination [Line Items]              
Definite-lived intangible assets acquired   $ 8,200          
TDS Gift Cards              
Business Combination [Line Items]              
Consideration paid in cash         187,588    
Goodwill         81,248    
Percentage of voting interests acquired             100.00%
CNET Media, Inc              
Business Combination [Line Items]              
Consideration paid in cash         154,248    
Goodwill         $ 36,479    
Percentage of voting interests acquired             100.00%
Fiscal 2024 Acquisitions              
Business Combination [Line Items]              
Consideration paid in cash           219,200  
Total consideration net of cash           $ 365,100  
v3.25.2
Acquisitions (Preliminary Purchase Consideration) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Business Combination [Line Items]      
Goodwill $ 1,619,482 $ 1,580,258  
TDS      
Business Combination [Line Items]      
Cash     $ 142,957
Accounts receivable and other current assets     171,290
Intangible assets     108,340
Goodwill     81,248
Deferred tax asset, noncurrent     0
Other assets     203
Accounts payable and other current liabilities     (290,161)
Deferred tax liability, noncurrent     (25,442)
Other noncurrent liabilities     (847)
Total     187,588
Accounts receivable 170,700    
Settlement receivables, net 166,800    
CNET Media, Inc      
Business Combination [Line Items]      
Cash     0
Accounts receivable and other current assets     16,904
Intangible assets     100,500
Goodwill     36,479
Deferred tax asset, noncurrent     11,412
Other assets     780
Accounts payable and other current liabilities     (11,827)
Deferred tax liability, noncurrent     0
Other noncurrent liabilities     0
Total     $ 154,248
Accounts receivable 16,200    
Fiscal 2024 Acquisitions      
Business Combination [Line Items]      
Accounts receivable and other current assets adjustment 600    
Fiscal 2024 Acquisitions | Customer Relationships      
Business Combination [Line Items]      
Measurement period adjustment (1,200)    
Fiscal 2024 Acquisitions | Other Intangible Assets      
Business Combination [Line Items]      
Measurement period adjustment $ 700    
v3.25.2
Investments (Details)
 3 Months Ended 6 Months Ended
Apr. 24, 2025
USD ($)
shares
Jul. 31, 2023
USD ($)
Jun. 30, 2025
USD ($)
shares
Jun. 30, 2024
USD ($)
investment
shares
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
investment
Dec. 31, 2024
USD ($)
investment
May 19, 2023
Apr. 12, 2022
USD ($)
Equity Securities [Line Items]                  
Number of shares sold in transaction (in shares) | shares       1,034,295          
Gain (loss) on investments, net     $ 4,340,000 $ 3,051,000 $ 4,340,000 $ (7,654,000)      
Shares of common stock sold (in shares) | shares     143,161            
Gross unrealized gains     $ 3,500,000   3,500,000   $ 2,800,000    
Investments in an unrealized loss position | investment       0   0 0    
Impairment losses     0 $ 0 0 $ 0      
Income from equity method investment, net of tax     5,115,000 $ 8,817,000 11,745,000 $ 8,172,000      
Equity method investments     121,300,000   121,300,000   $ 115,000,000    
OpenEvidence                  
Equity Securities [Line Items]                  
Equity securities without readily determinable fair value     25,300,000   25,300,000   25,300,000    
OCV Fund                  
Equity Securities [Line Items]                  
Equity method investment distribution     9,200,000            
OpenEvidence | Disposal Group, Disposed of by Sale, Not Discontinued Operations                  
Equity Securities [Line Items]                  
Minority interest sold $ 29,700,000                
Proceeds from divestiture $ 25,200,000                
Shares of common stock sold (in shares) | shares 143,161                
Corporate Debt Securities                  
Equity Securities [Line Items]                  
Debt securities, available-for-sale, coupon rate               6.00% 4.00%
Investment in corporate debt securities                 $ 15,000,000
Carrying value of investment     $ 18,500,000   $ 18,500,000   $ 17,800,000    
Corporate Debt Securities | Minimum                  
Equity Securities [Line Items]                  
Debt securities, available-for-sale, term     1 year   1 year   1 year    
Corporate Debt Securities | Maximum                  
Equity Securities [Line Items]                  
Debt securities, available-for-sale, term     5 years   5 years   5 years    
OpenEvidence                  
Equity Securities [Line Items]                  
Payments to acquire equity securities without readily determinable fair value   $ 25,000,000.0              
v3.25.2
Fair Value Measurements (Narrative) (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Jul. 16, 2024
Oct. 07, 2020
Nov. 15, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Contingent consideration $ 6,400 $ 2,800      
Company Acquisitions          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Minimum of contingent consideration may be payable 0 0      
Maximum of contingent consideration may be payable $ 8,400 $ 2,800      
4.625% Senior Notes | Senior Notes          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Stated interest rate       4.625%  
3.625% Convertible Notes | Convertible Debt          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Stated interest rate     3.625%    
1.75% Convertible Notes | Convertible Debt          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Stated interest rate         1.75%
Minimum | Measurement Input, Discount Rate          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Debt securities, available-for-sale, measurement input 0.09 0.09      
Minimum | Measurement Input, Conversion Term          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Debt securities, available-for-sale, term 3 months 3 months      
Maximum | Measurement Input, Discount Rate          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Debt securities, available-for-sale, measurement input 0.10 0.10      
Maximum | Measurement Input, Conversion Term          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Debt securities, available-for-sale, term 2 years 2 years      
v3.25.2
Fair Value Measurements (Fair Values of Financial Instruments Measured On Recurring Basis) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Contingent consideration $ 6,400 $ 2,800
Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investment in corporate debt securities 18,534 17,788
Total assets measured at fair value 130,448 103,621
Contingent consideration 6,381 2,834
Total liabilities measured at fair value 6,381 2,834
Fair Value | Money market and other funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Money market and other funds 111,914 85,833
Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investment in corporate debt securities 18,534 17,788
Total assets measured at fair value 130,448 103,621
Contingent consideration 6,381 2,834
Total liabilities measured at fair value 6,381 2,834
Carrying Value | Money market and other funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Money market and other funds 111,914 85,833
Level 1 | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investment in corporate debt securities 0 0
Total assets measured at fair value 111,914 85,833
Contingent consideration 0 0
Total liabilities measured at fair value 0 0
Level 1 | Fair Value | Money market and other funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Money market and other funds 111,914 85,833
Level 2 | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investment in corporate debt securities 0 0
Total assets measured at fair value 0 0
Contingent consideration 0 0
Total liabilities measured at fair value 0 0
Level 2 | Fair Value | Money market and other funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Money market and other funds 0 0
Level 3 | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investment in corporate debt securities 18,534 17,788
Total assets measured at fair value 18,534 17,788
Contingent consideration 6,381 2,834
Total liabilities measured at fair value 6,381 2,834
Level 3 | Fair Value | Money market and other funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Money market and other funds $ 0 $ 0
v3.25.2
Fair Value Measurements (Reconciliation of Level 3 Financial Assets Measured on Recurring Basis) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Contingent Consideration Arrangements    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance as of January 1 $ 2,834 $ 2,834
Fair value at date of acquisition 5,865 0
Fair value adjustments (2,318) 0
Balance as of June 30 6,381 2,834
Corporate Debt Securities    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance as of January 1 17,788 15,699
Fair value at date of acquisition 0 0
Fair value adjustments 746 360
Balance as of June 30 $ 18,534 $ 16,059
v3.25.2
Fair Value Measurements (Carrying and Fair Value) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jul. 16, 2024
Oct. 07, 2020
Nov. 15, 2019
4.625% Senior Notes | Carrying Value          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value of debt instruments $ 460,038 $ 457,211      
4.625% Senior Notes | Fair Value          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value of debt instruments 423,235 420,935      
4.625% Senior Notes | Senior Notes          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Stated interest rate       4.625%  
1.75% Convertible Notes | Carrying Value          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value of debt instruments 149,109 148,186      
1.75% Convertible Notes | Fair Value          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value of debt instruments 141,803 139,976      
1.75% Convertible Notes | Convertible Debt          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Stated interest rate         1.75%
3.625% Convertible Notes | Carrying Value          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value of debt instruments 263,147 258,885      
3.625% Convertible Notes | Fair Value          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value of debt instruments $ 247,221 $ 259,200      
3.625% Convertible Notes | Convertible Debt          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Stated interest rate     3.625%    
v3.25.2
Goodwill and Intangible Assets (Changes in Carrying Amounts of Goodwill) (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 1,580,258
Goodwill acquired 24,371
Purchase accounting adjustments 43
Foreign exchange translation 14,810
Ending balance 1,619,482
Operating Segments | Technology & Shopping  
Goodwill [Roll Forward]  
Beginning balance 322,057
Goodwill acquired 0
Purchase accounting adjustments (128)
Foreign exchange translation 2
Ending balance 321,931
Operating Segments | Gaming & Entertainment  
Goodwill [Roll Forward]  
Beginning balance 68,301
Goodwill acquired 11,743
Purchase accounting adjustments 48
Foreign exchange translation 775
Ending balance 80,867
Operating Segments | Health & Wellness  
Goodwill [Roll Forward]  
Beginning balance 403,056
Goodwill acquired 693
Purchase accounting adjustments 0
Foreign exchange translation 1,289
Ending balance 405,038
Operating Segments | Connectivity  
Goodwill [Roll Forward]  
Beginning balance 256,942
Goodwill acquired 0
Purchase accounting adjustments 0
Foreign exchange translation 2,783
Ending balance 259,725
Operating Segments | Cybersecurity & Martech  
Goodwill [Roll Forward]  
Beginning balance 529,902
Goodwill acquired 11,935
Purchase accounting adjustments 123
Foreign exchange translation 9,961
Ending balance $ 551,921
v3.25.2
Goodwill and Intangible Assets (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]          
Amortization expense $ 30.6 $ 27.8 $ 59.4 $ 54.1  
Technology & Shopping          
Finite-Lived Intangible Assets [Line Items]          
Goodwill accumulated impairment loss $ 169.5   $ 169.5   $ 169.5
v3.25.2
Goodwill and Intangible Assets (Intangible Assets Subject to Amortization) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Historical Cost $ 1,657,836 $ 1,632,831
Accumulated Amortization 1,260,210 1,207,082
Net 397,626 425,749
Trade names and trademarks    
Finite-Lived Intangible Assets [Line Items]    
Historical Cost 381,501 375,449
Accumulated Amortization 237,376 222,430
Net 144,125 153,019
Customer Relationships    
Finite-Lived Intangible Assets [Line Items]    
Historical Cost 857,248 836,254
Accumulated Amortization 656,522 620,926
Net 200,726 215,328
Other purchased intangibles    
Finite-Lived Intangible Assets [Line Items]    
Historical Cost 419,087 421,128
Accumulated Amortization 366,312 363,726
Net $ 52,775 $ 57,402
v3.25.2
Debt - Long-term Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jul. 16, 2024
Oct. 07, 2020
Nov. 15, 2019
Debt Instrument [Line Items]          
Less: Unamortized discount $ (4,987) $ (5,676)      
Debt issuance costs (1,927) (2,336)      
Total long-term debt 865,380 864,282      
Revolving Credit Facility          
Debt Instrument [Line Items]          
Long-term debt, gross 0 0      
Senior Notes | 4.625% Senior Notes          
Debt Instrument [Line Items]          
Stated interest rate       4.625%  
Long-term debt, gross 460,038 460,038      
Debt issuance costs (600) (700)      
Convertible Debt          
Debt Instrument [Line Items]          
Long-term debt, gross 872,294 872,294      
Convertible Debt | 1.75% Convertible Notes          
Debt Instrument [Line Items]          
Stated interest rate         1.75%
Long-term debt, gross 149,109 149,109      
Debt issuance costs (700) (900)      
Convertible Debt | 3.625% Convertible Notes          
Debt Instrument [Line Items]          
Stated interest rate     3.625%    
Long-term debt, gross 263,147 263,147      
Debt issuance costs $ (600) $ (700)      
v3.25.2
Debt - Narrative (Details)
 6 Months Ended
Jul. 16, 2024
USD ($)
tradingDay
$ / shares
Jun. 18, 2024
USD ($)
Oct. 07, 2021
Apr. 07, 2021
USD ($)
Oct. 07, 2020
USD ($)
fiscalQuarterPeriod
Nov. 15, 2019
USD ($)
tradingDay
$ / shares
Jun. 30, 2025
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
May 01, 2021
Debt Instrument [Line Items]                  
Principal maturing in 2026             $ 149,100,000    
Principal maturing in 2028             263,100,000    
Principal maturing in 2030             $ 460,000,000    
Common stock, par value (in usd per share) | $ / shares $ 0.01         $ 0.01 $ 0.01 $ 0.01  
Basis spread on variable rate   0.10%              
Revolving Credit Facility                  
Debt Instrument [Line Items]                  
Line of credit facility, maximum borrowing capacity       $ 100,000,000          
Increase available   $ 250,000,000.0   250,000,000          
Higher borrowing capacity option   $ 350,000,000.0   $ 350,000,000          
Credit agreement             $ 348,900,000 $ 348,900,000  
1.75% Convertible Notes | Convertible Debt                  
Debt Instrument [Line Items]                  
Stated interest rate           1.75%      
Debt instrument, face amount           $ 550,000,000.0 $ 149,100,000    
Proceeds from debt, net of issuance costs           $ 537,100,000      
Effective interest rate 4.20%                
Additional interest                 0.50%
Aggregate principal including cash payment $ 400,900,000                
Convertible debt conversion ratio     0.0093783            
Shares issued in debt-for-equity exchange (in shares) | shares             1,398,391    
Convertible debt conversion price (in usd per share) | $ / shares             $ 106.63    
Repayments of convertible debt 135,000,000                
1.75% Convertible Notes | Convertible Debt | Debt Instrument, Redemption, Period One                  
Debt Instrument [Line Items]                  
Convertible debt threshold trading days | tradingDay           20      
Convertible debt threshold consecutive trading days | tradingDay           30      
Convertible debt conversion ratio           1.30      
1.75% Convertible Notes | Convertible Debt | Debt Instrument, Redemption, Period Two                  
Debt Instrument [Line Items]                  
Convertible debt threshold trading days | tradingDay           5      
Convertible debt threshold consecutive trading days | tradingDay           10      
Convertible debt conversion ratio           0.98      
3.625% Convertible Notes                  
Debt Instrument [Line Items]                  
Debt instrument, convertible, beneficial conversion feature 4,000,000                
Deferred tax liabilities $ 1,000,000                
3.625% Convertible Notes | Convertible Debt                  
Debt Instrument [Line Items]                  
Stated interest rate 3.625%                
Debt instrument, face amount $ 263,100,000                
Convertible debt conversion ratio 0.01                
Shares issued in debt-for-equity exchange (in shares) | shares             2,631,470    
Convertible debt conversion price (in usd per share) | $ / shares             $ 100    
3.625% Convertible Notes | Convertible Debt | Debt Instrument, Redemption, Period One                  
Debt Instrument [Line Items]                  
Convertible debt threshold trading days | tradingDay 20                
Convertible debt threshold consecutive trading days | tradingDay 30                
Convertible debt conversion ratio 1.30                
3.625% Convertible Notes | Convertible Debt | Debt Instrument, Redemption, Period Two                  
Debt Instrument [Line Items]                  
Convertible debt threshold trading days | tradingDay 5                
Convertible debt threshold consecutive trading days | tradingDay 10                
Convertible debt conversion ratio 0.98                
4.625% Senior Notes | Senior Notes                  
Debt Instrument [Line Items]                  
Stated interest rate         4.625%        
Debt instrument, face amount         $ 750,000,000        
Proceeds from debt, net of issuance costs         $ 742,700,000        
Effective interest rate         4.70%        
Covenant, leverage ratio, minimum         3.5        
Covenant restricted payment threshold         $ 250,000,000        
Covenant, EBITDA minimum         50.00%        
Covenant, EBITDA minimum, fiscal quarter period | fiscalQuarterPeriod         4        
Repurchased principal             $ 290,000,000    
4.625% Senior Notes | Senior Notes | Debt Instrument, Redemption, Period Two                  
Debt Instrument [Line Items]                  
Redemption price, percentage         100.00%        
6.0% Senior Notes | Senior Notes                  
Debt Instrument [Line Items]                  
Stated interest rate         6.00%        
Bridge Loan Facility | Secured Overnight Financing Rate (SOFR) | Minimum                  
Debt Instrument [Line Items]                  
Basis spread on variable rate       1.50%          
Bridge Loan Facility | Secured Overnight Financing Rate (SOFR) | Maximum                  
Debt Instrument [Line Items]                  
Basis spread on variable rate       2.25%          
Bridge Loan Facility | Base Rate | Minimum                  
Debt Instrument [Line Items]                  
Basis spread on variable rate       0.50%          
Bridge Loan Facility | Base Rate | Maximum                  
Debt Instrument [Line Items]                  
Basis spread on variable rate       1.25%          
Bridge Loan Facility | Bridge Loan | Federal Funds Effective Rate                  
Debt Instrument [Line Items]                  
Basis spread on variable rate       0.50%          
Bridge Loan Facility | Bridge Loan | Secured Overnight Financing Rate (SOFR)                  
Debt Instrument [Line Items]                  
Derivative basis spread on variable rate       1.00%          
Credit Agreement | Line of Credit                  
Debt Instrument [Line Items]                  
Debt instrument, covenant, leverage ratio, maximum             4.00    
Debt instrument, covenant, interest coverage ratio, minimum             3.00    
v3.25.2
Debt - Components of Interest Expense Related to Convertible Notes (Details) - Convertible Debt - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
1.75% Convertible Notes        
Debt Instrument [Line Items]        
Contractual/Coupon Interest Expense $ 652 $ 2,406 $ 1,305 $ 4,812
Amortization of discount and deferred/ debt issuance costs 124 473 248 943
Total interest expense related to Convertible Notes 776 $ 2,879 1,553 $ 5,755
3.625% Convertible Notes        
Debt Instrument [Line Items]        
Contractual/Coupon Interest Expense 2,385   4,770  
Amortization of discount and deferred/ debt issuance costs 319   636  
Total interest expense related to Convertible Notes $ 2,704   $ 5,406  
v3.25.2
Commitments and Contingencies (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]    
Estimate of possible loss $ 24.4 $ 25.2
v3.25.2
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Income Tax Disclosure [Abstract]          
Effective tax rate 16.80% 19.90% 24.90% 27.90%  
Discrete tax benefit $ 3.2 $ 0.8 $ (2.0) $ (2.5)  
Unrecognized tax benefits 31.3   31.3   $ 30.3
Prepaid tax payments $ 9.9   $ 9.9   $ 6.4
v3.25.2
Stockholders' Equity (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 59 Months Ended
Apr. 24, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Aug. 02, 2024
Aug. 06, 2020
Equity, Class of Treasury Stock [Line Items]                
Shares repurchased under the program (in shares) 143,161 143,161            
Stock repurchased $ 4.4              
Number of shares purchased from plan participants (in shares)   3,655 1,353 106,883 59,590      
Tax withholding aggregate cost   $ 0.1 $ 0.1 $ 4.4 $ 4.0      
2020 Repurchase Program                
Equity, Class of Treasury Stock [Line Items]                
Maximum number of shares authorized to be repurchased (in shares)             15,000,000 10,000,000
Additional shares authorized (in shares)             5,000,000  
Shares repurchased under the program (in shares)   1,084,846 1,500,000 1,834,846 1,500,000 10,593,538    
Shares repurchased aggregate cost   $ 35.2 $ 84.9 $ 66.1 $ 84.9 $ 649.7    
Number of remaining shares available for purchase (in shares)   4,406,462   4,406,462   4,406,462    
v3.25.2
Share-Based Compensation (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of options outstanding (in shares) 435,135    
Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted stock units outstanding (in shares) 1,112,295   652,227
Granted (in shares) 730,803 390,284  
Unrecognized compensation cost related to non-vested awards granted $ 46.9    
Weighted-average period to recognize compensation cost (in years) 2 years 1 month 6 days    
Restricted Stock And Restricted Stock Unit (RSU) | Board of Directors      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting periods 1 year    
Market-based Restricted Stock Awards (PSAs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Granted (in shares) 0    
Restricted Stock Awards (RSAs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Granted (in shares) 0    
Unrecognized compensation cost related to non-vested awards granted $ 1.0    
Weighted-average period to recognize compensation cost (in years) 7 months 6 days    
Market-based Restricted Stock Units (PSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted stock units outstanding (in shares) 1,055,092   520,986
Granted (in shares) 598,676    
Weighted-average grant-date fair values of restricted stock awards granted (in dollars per share) $ 38.80 $ 87.17  
Unrecognized compensation cost related to non-vested awards granted $ 30.3    
Weighted-average period to recognize compensation cost (in years) 2 years 2 months 12 days    
Minimum | Restricted Stock And Restricted Stock Unit (RSU) | Senior Staff      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting periods 3 years    
Minimum | Restricted Stock And Restricted Stock Unit (RSU) | Chief Executive Officer      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting periods 3 years    
Minimum | Market-based Restricted Stock Units (PSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting periods 2 years    
Vesting percentage 0.00%    
Maximum | Restricted Stock And Restricted Stock Unit (RSU) | Senior Staff      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting periods 4 years    
Maximum | Restricted Stock And Restricted Stock Unit (RSU) | Chief Executive Officer      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting periods 8 years    
Maximum | Market-based Restricted Stock Units (PSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting periods 3 years    
Vesting percentage 200.00%    
2015 Stock Option Plan | Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted stock units outstanding (in shares) 2,167,387    
2024 Stock Option Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares available for issuance (in shares) 1,903,576    
v3.25.2
Share-Based Compensation (Effects of Share-based Compensation expense in the Condensed Consolidated Statements of Operations) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total share-based compensation expense $ 11,727 $ 11,600 $ 21,479 $ 20,472
Direct costs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total share-based compensation expense 68 62 131 123
Sales and marketing        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total share-based compensation expense 1,349 1,093 2,335 1,851
Research, development and engineering        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total share-based compensation expense 937 1,071 1,727 2,161
General, administrative, and other related costs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total share-based compensation expense $ 9,373 $ 9,374 $ 17,286 $ 16,337
v3.25.2
Share-Based Compensation (Market-Based Restricted Stock Awards, Valuation Assumptions) (Details) - Market-based Restricted Stock Units (PSUs) - $ / shares
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Underlying stock price at valuation date (in usd per share) $ 38.19 $ 66.88
Expected volatility (as a percent) 34.50% 32.90%
Risk-free interest rate (as a percent) 3.90% 4.30%
v3.25.2
Share-Based Compensation (Restricted Stock and Restricted Stock Unit Award Activity) (Details) - $ / shares
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Restricted Stock Awards (RSAs)    
Number of Shares    
Nonvested at beginning of period (in shares) 54,829  
Granted (in shares) 0  
Vested (in shares) (27,197)  
Forfeited (in shares) 0  
Nonvested at end of period (in shares) 27,632  
Number of Shares    
Granted (in shares) 0  
Vested (in shares) (27,197)  
Forfeited (in shares) 0  
Weighted Average Grant Date Fair Value    
Nonvested at beginning of period (in dollars per share) $ 68.97  
Granted (in dollars per share) 0  
Vested (in dollars per share) 68.97  
Forfeited (in dollars per share) 0  
Nonvested at end of period (in dollars per share) $ 68.97  
Market-based Restricted Stock Awards (PSAs)    
Number of Shares    
Nonvested at beginning of period (in shares) 163,181  
Granted (in shares) 0  
Vested (in shares) 0  
Forfeited (in shares) 0  
Nonvested at end of period (in shares) 163,181  
Number of Shares    
Granted (in shares) 0  
Vested (in shares) 0  
Forfeited (in shares) 0  
Weighted Average Grant Date Fair Value    
Nonvested at beginning of period (in dollars per share) $ 36.27  
Granted (in dollars per share) 0  
Vested (in dollars per share) 0  
Forfeited (in dollars per share) 0  
Nonvested at end of period (in dollars per share) $ 36.27  
Restricted Stock Units (RSUs)    
Number of Shares    
Granted (in shares) 730,803 390,284
Vested (in shares) (247,175)  
Forfeited (in shares) (23,560)  
Number of Shares    
Outstanding at beginning of period (in shares) 652,227  
Granted (in shares) 730,803 390,284
Vested (in shares) (247,175)  
Forfeited (in shares) 23,560  
Outstanding at end of period (in shares) 1,112,295  
Weighted Average Grant Date Fair Value    
Nonvested at beginning of period (in dollars per share) $ 74.59  
Granted (in dollars per share) 37.42  
Vested (in dollars per share) 73.37  
Forfeited (in dollars per share) 60.89  
Nonvested at end of period (in dollars per share) $ 50.73  
Market-based Restricted Stock Units (PSUs)    
Number of Shares    
Granted (in shares) 598,676  
Vested (in shares) (23,477)  
Forfeited (in shares) (41,093)  
Number of Shares    
Outstanding at beginning of period (in shares) 520,986  
Granted (in shares) 598,676  
Vested (in shares) (23,477)  
Forfeited (in shares) 41,093  
Outstanding at end of period (in shares) 1,055,092  
Weighted Average Grant Date Fair Value    
Nonvested at beginning of period (in dollars per share) $ 82.73  
Granted (in dollars per share) 38.80  
Vested (in dollars per share) 78.73  
Forfeited (in dollars per share) 65.51  
Nonvested at end of period (in dollars per share) $ 58.12  
v3.25.2
Earnings Per Share (Components of Basic and Diluted Earnings Per Share) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Numerator for basic and diluted net loss per common share:        
Net income - basic $ 26,343 $ 36,910 $ 50,582 $ 47,537
Net income - diluted 26,343 36,910 50,582 47,537
Less: Net loss available to participating securities - basic 0 0 0 0
Less: Net loss available to participating securities - diluted 0 0 0 0
Plus: Convertible Notes interest expense (after-tax) 583 2,159 1,164 4,317
Net income available to the Company's common shareholders - basic 26,343 36,910 50,582 47,537
Net income available to the Company’s common shareholders - diluted $ 26,926 $ 39,069 $ 51,746 $ 51,854
Denominator:        
Basic weighted -average outstanding shares of common stock (in shares) 41,732,800 45,492,809 42,143,165 45,676,726
Dilutive effect of:        
Equity incentive plans (in shares) 17,313 14,232 113,951 54,782
Convertible debt (in shares) 1,398,391 5,158,071 1,398,391 5,158,071
Diluted weighted-average outstanding shares of common stock (in shares) 43,148,504 50,665,112 43,655,507 50,889,579
Net income per share - basic (in dollars per share) $ 0.63 $ 0.81 $ 1.20 $ 1.04
Net income per share - diluted (in dollars per share) $ 0.62 $ 0.77 $ 1.19 $ 1.02
v3.25.2
Earnings Per Share (Narrative) (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Stock Options And Restricted Stock        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 1,484,631 1,322,295 851,748 1,136,167
Convertible Debt Securities        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 2,631,470     0
v3.25.2
Segment Information (Narrative) (Details)
 12 Months Ended
Dec. 31, 2024
subsidiary
Segment Reporting [Abstract]  
Number of Operating Segments 5
Number of reportable segments 5
v3.25.2
Segment Information (Reconciliation of Total Segment Operating Income to Consolidated Operating Income) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Total revenues $ 352,209 $ 320,800 $ 680,845 $ 635,285
Depreciation and amortization 57,606 52,141 113,438 100,594
Total operating costs and expenses 318,726 292,231 612,232 570,855
Income from operations 33,483 28,569 68,613 64,430
Reportable segments        
Segment Reporting Information [Line Items]        
Total revenues 352,209 320,800 680,845 635,285
Salaries, benefits, and other employee expenses 109,476 104,397 210,553 204,741
Cloud computing, software, and other related expenses 27,513 25,393 54,533 50,922
Advertising and marketing related expenses 33,917 32,515 63,647 60,939
Partner payments 25,928 22,731 49,426 44,354
Professional and other third-party services 20,681 15,927 38,602 31,081
Depreciation and amortization 57,567 52,135 113,285 100,582
Other 26,759 21,020 47,823 44,718
Total operating costs and expenses 301,841 274,118 577,869 537,337
Income from operations 50,368 46,682 102,976 97,948
Corporate        
Segment Reporting Information [Line Items]        
Total revenues 0 0 0 0
Total operating costs and expenses 16,885 18,113 34,363 33,518
Income from operations (16,885) (18,113) (34,363) (33,518)
Technology & Shopping | Reportable segments        
Segment Reporting Information [Line Items]        
Total revenues 80,776 72,567 162,466 141,834
Salaries, benefits, and other employee expenses 35,627 32,660 69,576 61,625
Cloud computing, software, and other related expenses 6,793 6,548 13,596 14,196
Advertising and marketing related expenses 12,445 11,344 24,753 22,031
Partner payments 568 1,544 1,512 3,972
Professional and other third-party services 6,199 3,452 11,897 8,230
Depreciation and amortization 23,049 19,864 45,454 37,778
Other 4,039 5,222 7,585 8,703
Total operating costs and expenses 88,720 80,634 174,373 156,535
Income from operations (7,944) (8,067) (11,907) (14,701)
Gaming & Entertainment | Reportable segments        
Segment Reporting Information [Line Items]        
Total revenues 46,226 42,981 84,252 79,621
Salaries, benefits, and other employee expenses 11,360 11,852 21,974 21,820
Cloud computing, software, and other related expenses 1,931 1,255 3,968 2,408
Advertising and marketing related expenses 5,241 5,289 7,309 6,809
Partner payments 7,326 7,609 14,065 13,547
Professional and other third-party services 1,729 1,767 2,818 2,889
Depreciation and amortization 3,054 2,841 5,672 5,233
Other 4,330 4,170 8,417 8,202
Total operating costs and expenses 34,971 34,783 64,223 60,908
Income from operations 11,255 8,198 20,029 18,713
Health & Wellness | Reportable segments        
Segment Reporting Information [Line Items]        
Total revenues 99,452 85,988 185,238 165,966
Salaries, benefits, and other employee expenses 30,308 28,677 55,949 56,983
Cloud computing, software, and other related expenses 4,328 3,576 8,340 6,995
Advertising and marketing related expenses 10,890 9,642 19,909 19,098
Partner payments 12,005 8,219 21,884 16,329
Professional and other third-party services 3,220 2,454 5,294 4,477
Depreciation and amortization 14,371 13,013 27,299 26,412
Other 8,312 7,105 13,583 13,771
Total operating costs and expenses 83,434 72,686 152,258 144,065
Income from operations 16,018 13,302 32,980 21,901
Connectivity | Reportable segments        
Segment Reporting Information [Line Items]        
Total revenues 57,406 50,281 113,226 103,429
Salaries, benefits, and other employee expenses 14,649 12,524 28,306 26,303
Cloud computing, software, and other related expenses 4,440 4,128 8,423 7,297
Advertising and marketing related expenses 722 689 2,284 2,151
Partner payments 247 254 458 444
Professional and other third-party services 4,791 3,204 9,363 6,314
Depreciation and amortization 7,272 7,616 14,652 14,617
Other 6,481 164 11,424 5,243
Total operating costs and expenses 38,602 28,579 74,910 62,369
Income from operations 18,804 21,702 38,316 41,060
Cybersecurity & Martech | Reportable segments        
Segment Reporting Information [Line Items]        
Total revenues 68,349 68,983 135,663 144,435
Salaries, benefits, and other employee expenses 17,532 18,684 34,748 38,010
Cloud computing, software, and other related expenses 10,021 9,886 20,206 20,026
Advertising and marketing related expenses 4,619 5,551 9,392 10,850
Partner payments 5,782 5,105 11,507 10,062
Professional and other third-party services 4,742 5,050 9,230 9,171
Depreciation and amortization 9,821 8,801 20,208 16,542
Other 3,597 4,359 6,814 8,799
Total operating costs and expenses 56,114 57,436 112,105 113,460
Income from operations $ 12,235 $ 11,547 $ 23,558 $ 30,975
v3.25.2
Segment Information - Total Capital Expenditures, Depreciation and Amortization (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Total capital expenditures $ 30,133 $ 25,504 $ 55,752 $ 53,633
Operating Segments        
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Total capital expenditures 29,885 25,494 55,324 53,643
Corporate        
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Total capital expenditures 248 10 428 (10)
Technology & Shopping | Operating Segments        
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Total capital expenditures 3,994 3,741 7,600 7,389
Gaming & Entertainment | Operating Segments        
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Total capital expenditures 2,667 176 4,404 2,433
Health & Wellness | Operating Segments        
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Total capital expenditures 10,347 9,188 19,723 17,671
Connectivity | Operating Segments        
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Total capital expenditures 7,142 6,393 12,377 13,236
Cybersecurity & Martech | Operating Segments        
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Total capital expenditures $ 5,735 $ 5,996 $ 11,220 $ 12,914
v3.25.2
Supplemental Cash Flow Information (Non-Cash) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Jun. 30, 2024
Non-cash investing activity:      
Sale of equity investments for common stock   $ 4,448 $ 0
Non-cash financing activity:      
Excise tax on share repurchases   $ 431 $ 0
Shares of common stock sold (in shares) 143,161    
v3.25.2
Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]    
Interest paid $ 17,905 $ 15,451
Income taxes paid, net of refunds $ 39,823 $ 35,337
v3.25.2
Accumulated Other Comprehensive Loss (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance $ 1,821,365,000 $ 1,902,012,000 $ 1,810,882,000 $ 1,892,998,000
Ending balance 1,842,659,000 1,869,887,000 1,842,659,000 1,869,887,000
Other comprehensive loss reclassifications 0 0 0 0
Accumulated other comprehensive loss        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance (70,780,000) (78,213,000) (82,471,000) (71,620,000)
Other comprehensive income, net of tax 19,061,000   30,752,000  
Ending balance (51,719,000) $ (78,335,000) (51,719,000) $ (78,335,000)
Unrealized Gains on Investments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance 2,392,000   2,112,000  
Other comprehensive income, net of tax 279,000   559,000  
Ending balance 2,671,000   2,671,000  
Foreign Currency Translation        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance (73,172,000)   (84,583,000)  
Other comprehensive income, net of tax 18,782,000   30,193,000  
Ending balance $ (54,390,000)   $ (54,390,000)